Action Products International Updates Shareholders on Progress of Restructuring
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 07/21/11 -- Action Products International, Inc. (PINKSHEETS: APII) today updated its shareholders regarding its restructuring activities.
The company has completed the following major activities toward its overall restructure.
Negotiated Foreign Debt transfer and payment. This eliminates any future legal issues;
Have selected and is engaging legal firm to represent company on the outstanding lawsuits, which the company maintains are frivolous in nature;
In process of completing the appointment of two well-respected outside directors to the board to oversee the future plans and growth of the company;
Finalizing investment banking relationships for capital restructure with funding commitments;
Completed historical financial statements and related footnotes are being reviewed with updated financial information due to be posted soon on the OTC Markets; and
Completing final negotiations with revenue-producing merger candidates.
Gary Polistena, Chairman and CEO, stated "We have made it through a great amount of the restructure. We appreciate the loyalty of our shareholders during this period of time. We expect to complete the total restructure during the fourth quarter and anticipate beginning our acquisition process shortly. The company intends to continue to provide updates to its shareholder as progress is made in this effort."
Action Products International, Inc. currently is in various stages of conversations with potential acquisitions and intends to become a holding company for small-to-mid-sized businesses that bring unique products and/or services to the marketplace with the potential to rapidly grow in their specific areas.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the U.S. Securities & Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of information, future events or otherwise.
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Datum: 21.07.2011 - 15:06 Uhr
Sprache: Deutsch
News-ID 36773
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