IMD Companies Inc (OTCMKTS: ICBU) Board of Directors has announced that the company has signed an MOU to purchase LCG Plastech Company. LCG Plastech will now become as a fully owned subsidiary of IMD Companies. LCG Plastech is an audited company which specializes in manufacturing PVC Pipe. LCG Plastech owns a manufacturing facility in Orissa, India.
Following the takeover, LCG is expected to greatly complement IMD’s other subsidiaries and has revenues in millions of dollars. LCG has been a target for acquisition for several months, occasioned by the large demand for PVC pipes as well as contractual partnerships which LCG has.
While commenting on the transaction, LCG Managing Director Mr. Ranjit Pattnaik said they are very excited to have a new partnership with IMD Companies Inc. He added that partnering with a public company of IMD‘s status will give them more exposure and offer them more visibility to expand their business and work with other mining companies which are owned by IMD. Pattnaik they look forward to a close working relationship adding that they stand to greatly benefit in its push and desire to grow both the company’s profit and revenue.
After all due diligence is observed and all requirements met, IMD Companies’ board of directors will review the report and ratify the agreement. After signing the agreement, IMD Companies will immediately announce the completion of the transaction.
In other news, iMD Companies has announced that it is having talks to acquire valuable mining claims that have gold plus precious metal findings which can be extracted and mined. The company is currently considering a number of targets to acquire and which fit within the business space of its operations. It is approximated that the claims have a recoverable Gold and Precious Metal assets running into 500 million to 1 billion dollars.
iMD Companies has said that it is currently doing due diligence on the claims so as to ensure that everything is in order. Once the company buys the claims, they will have a 43-101 report prepared on the claims. This report will give the management as well as the shareholders the accurate report on the mineral composition plus their economic value.