BANGKOK, Thailand and HONG KONG, Dec. 15, 2009 (GLOBE NEWSWIRE) -- Archer Asia, (Pink Sheets:AEMC) (ISIN US039490107) www.archeremc.com, announced today the finalization of a deal to acquire a 100% ownership in two local White Goods manufacturing companies for a total of $1.5m US. These companies will now operate as Boss Manufacturing, producing OEM White Goods for some of the world's leading brands, and Illolli design inspired "Green" White Goods. Both companies operate from a manufacturing plant on the outskirts of Bangkok, Thailand. Current operations produce a wide range of household and industrial items and count some of the world's leading brand names in White Goods among its clients.
Archer Asia (Thailand) will take full control on the 15th of December 2009; all current orders not part of the deal will be completed on or before the 1st of January 2010. CEO of the new company will be Prof. Somyos, an expert in Designing, Manufacturing and System Analyst in both application and system software programming, who headed up teams at NASA and the U.S. Department of Defense. He also held senior positions at IBM.
"Archer Asia is now truly a global company," said Michael Selsman, Archer USA CEO. "Our entertainment division, which includes films, television, music and book publishing, continues to flourish, as does our growing real estate development in Thailand, 1,500 acres of which will house our state-of-the-art Hollywood Movie Studio. With the Company's move into White Goods manufacturing, we are building a solid commercial base designed to throw off significant cash resources which we will use to expand further into convergent businesses in Asia."
Prof. Somyos excels in the area of designing and manufacturing water treatment systems for drinking, industrial usage and wastewater, as well as manufacturing and processing, steel fabrication and chemicals for Agriculture. Prof. Somyos said today, "I am very excited to be working with Archer Asia and the extended team on this project, I was very impressed with the recent Ebeling Heffernan roadshow and the high caliber of experience, insight and innovation the team will bring to this industry."
About Archer Asia
Archer Asia is the Venture Capital arm of Ebeling Heffernan, a joint venture company between Archer (Pink Sheets:AEMC) and The Heffernan Group. Clients at emerging companies and venture capital firms benefit from our resources in these arenas and our locations in key global financial and technology centers, including Asia, Hong Kong, Los Angeles and the Bahamas.
The nature of our technology, new media and other startup ventures has been as varied as our client base. We handle all aspects of planning and structuring venture capital, buyout and similar funds, as well as organizing new companies and acquisition vehicles. We guide startups through the investment process by analyzing their capitalization structure, evaluating venture capital opportunities or government funding, negotiating term sheets and providing due diligence. We blend experience in business and technology law to help clients protect their intellectual property, negotiate optimal distribution deals and strategic alliances and implement growth strategies. From the building of a business through IPOs or acquisitions, we provide top-tier counsel.
We represent venture capital and private equity investors, structuring their investment in portfolio companies, as well as representing portfolio companies in their capital raising activities and in implementing their growth strategies.
Beyond that, one of our most important jobs is to connect the venture capitalists we know with the companies we represent. Our relationships with leading venture funds are a key part of our integrated service for emerging growth companies. One of our programs is a strategic tool for top venture capitalists to connect with promising companies. It also provides startup companies with practical business tools and advice.
Forward Looking Statements: Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect" "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.