Del Mar, CA / ACCESSWIRE / May 12, 2014 / AMERICAN DIVERSIFIED HOLDINGS CORPORATION (OTCMarkets/Pinksheets: ADHC) has today announced today that it has entered into a letter of intent to purchase a significant portion of a privately-held media company based in New York. The intended acquisition is in content development for streaming media and the traditional broadcast industry and is headed by industry veterans with a broad range of expertise and experience in this arena.
The letter of intent calls for both companies to keep specific provisions of the intended transaction confidential, specifically with regard to the name of the to-be-acquired entity. The letter of intent calls for a significant exchange of equity between the participating parties and further investment by the Company into the other participating company.
Both parties have agreed to a significant due diligence period and an exclusivity period that allows for them to certify that all representations made by the parties and sufficient. The letter of intent also calls for a more formal and final acquisition agreement. The transaction and subsequent acquisition agreement are anticipated to close by June 30th, 2014.
ADHC is also in late stage conversations to with another fast growing New York based company in the food products industry. The Company feels these acquisitions are extremely exciting for ADHC. We anticipate significant shareholder interest and a massive increase in shareholder value when we close these transactions.
This press release contains forward looking statements pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements include risks and uncertainties that may cause the company’s plans to change and are in no way intended to guarantee that the company will be successful in executing its plans. American Diversified Holdings common stock currently trades on the over-the-counter “Pink Sheets” under the symbol ADHC. This press release in no way constitutes any recommendation regarding the securities of ADHC or its affiliates. Any person reading this press release is advised that this release should be considered in the light of all facts and circumstances regarding the business and financial condition and prospects of ADHC, and no inference has been made that this release contains all such information.
SOURCE: American Diversified Holdings Corporation