ADGS Advisory, Inc. (“ADGS” or the “Company”) (OTCQB:ADGS) today announced that it has signed a Purchase Agreement to acquire the customer list from Acorate Advisory Limited and Berfield Enterprise Solutions and Technology Limited. In consideration for the acquisition of the customer list, ADGS has agreed to pay HK $12.0 million (approximately US $1.5 million) to be paid in tranches and 5,000,000 shares of the common stock of the Company. The initial payment of HK $2.0 million has already been paid, HK $3.0 million is to be paid on or before March 30, 2015 along with the shares of common stock, and the balance will be paid in 18 monthly installments commencing one month after closing. The closing is expected to occur on or before March 30, 2015.
This is the second acquisition for the Company in a twelve month period of time and a major component of this acquisition is its growth strategy. ADGS's Chief Executive Officer Florence Li Lai Ying stated "We are delighted that we will be acquiring this customer list from a Hong Kong based accounting advisory company. The customer list from the company is strong, excellent and stable revenue each year, and it will enhance our existing service offerings and broaden the Company's expertise in asset and property transfer and insolvency and enable us to capture additional business." Ms. Li further stated that the client base from the company to be acquired is expected to generate revenues of US $9.6M in 2015.
About ADGS
ADGS Advisory, Inc. is primarily engaged in
providing accounting, taxation, company secretarial, general corporate
and consultancy services in Hong Kong. ADGS has a strong and successful
background in the Hong Kong market, most notably bankruptcy and
insolvency services to a variety of customers including high growth
industries in China. ADGS intends to further bolster its growth via
additional acquisitions.
Forward-Looking Statements
This release contains
forward-looking statements. These statements involve known and unknown
risks, uncertainties and other factors which may cause our actual
results, performance or achievements to be materially different from any
future results, performances or achievements expressed or implied by the
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Given these uncertainties, you should not place undue reliance on
forward-looking statements. Also, forward-looking statements represent
our estimates and assumptions only as of the date of this release. In
evaluating such statements, prospective investors should review
carefully various risks and uncertainties identified in this release and
matters set forth in the Company’s SEC filings. Except as required by
law, we assume no obligation to update any forward-looking statements
publicly, or to update the reasons actual results could differ
materially from those anticipated in any forward-looking statements,
even if new information becomes available in the future.
ADGS Advisory, Inc.
26th Floor
113 Argyle Street
Mongkok,
Kowloon, Hong Kong
Contact: Ms. Michelle Tong
Telephone:
852-2374-0002
michelletong@adgs.com.hk
Contacts:
Ms. Michelle Tong, 852-2374-0002
michelletong@adgs.com.hk