Acquired Sales Corp announced it has signed a letter of intent to acquire River Country Transport Inc, Battle Ground WA. The proposed merger has an estimated value of $2 million.
Several conditions must be met to close the deal, which would include a cash payment of half the sale amount and the remainder in shares Acquired Sales common stock. Acquired Sales also plans to pay off all of RCT's outstanding debt.
RCT is a liquid transport and environmental services company with a fleet of seven high-volume tankers that deliver over 25% of the wastewater volume accepted by PPV Inc's wastewater pretreatment facility in Portland OR. Acquired Sales has previously announced a letter of intent to acquire PPV Inc and its wholly-owned subsidiary Bravo Environmental NW Inc, Tukwila WA. The management team of RCT will continue to lead RCT following the merger.
Closing of the merger is subject to a number of conditions, including the completion of mutually acceptable due diligence, delivery of audited financial statements, completion of a capital raise of at least $17 million, execution of definitive merger documents, obtaining necessary third party approvals, and completion of all necessary securities filings.