DALLAS, TX--(Marketwire - August 05, 2011) - Metiscan, Inc. (PINKSHEETS: MTIZ) (hereinafter referred to as "Metiscan") today announced that it has entered into a definitive share exchange agreement with a minority shareholder of Aclor, Inc., a Georgia corporation ("Aclor"), that held 40% of the issued and outstanding shares of Aclor. Upon closing of this transaction, Metiscan will then own 100% of the total ownership of Aclor and Aclor will become a wholly owned subsidiary of Metiscan.
"We look forward to the completion of the share exchange and eventually make Aclor our wholly owned subsidiary," commented Curtis Gung, President & CEO of Metiscan. "We anticipate the closing of this transaction will be concurrent with the delivery of the balance of our Back-to-School shipments to retailers nationwide."
In a report published in July 2011, the National Retail Federation (NRF) is forecasting that the total Back-to-School (K-12) and Back-to-College sales will reach $68.8 billion, as approximately 38% of the shoppers will make at least one purchase from an office supply store. The Back-to-School season represents a vital period for certain manufacturers who generate a significant portion of their total revenues during this season.
About Metiscan, Inc.
Metiscan, Inc. is a holding company. Its sole, majority owned subsidiary Aclor, Inc. is an international manufacturer and supplier of private label paper products. Aclor's customers include some of the most recognized and reputable office supply mass retailers worldwide and also include the largest consumer and office retailer in the United States. Aclor produces composition notebooks, spiral notebooks, wireless notebooks, and filler paper in its factory located in Nuevo Laredo, Tamaulipas, Mexico.
Safe Harbor Statement: Certain of the statements made in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause Metiscan's actual results to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "intends," "anticipates" or "plans" to be uncertain and forward-looking. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.