PALM CITY, Fla., Jan. 05, 2016 (GLOBE NEWSWIRE) -- CPSM, Inc. (OTCQB:SWMM) the Florida based pool & spa industry aggregator today announced it has successfully closed on the purchase of assets of Sundook Advanced Pool Services LLC and Lighthouse Pool Supply Inc.
On December 7, 2015 CPSM, Inc announced it had agreed to purchase the assets of Stuart, FL based Sundook’s Advanced Pool Services LLC and their sister company, Lighthouse Pool Supply Inc. for cash and stock. The total value of the transaction will not exceed $215,000. At closing, CPSM Inc. paid the Seller $165,000 and 417,000 common shares of CPSM, Inc. valued at $25,000 that are restricted per Rule 144. An additional $25,000 was escrowed pending an audit of customer account retention after thirty days.
Funding for the acquisition has been closed. 1,562,500 non-voting, convertible, callable preferred shares that carry an 8% coupon will be issued to Chairman, Lawrence Calarco and COO Loreen Calarco whom jointly purchased all 1,562,500 shares for a total of $125,000.
Lawrence Calarco, Chairman of CPSM, Inc. stated, “This was a great day for CPSM. These two companies fit well within our strategic plan. CPSM will be able to immediately deploy our business model to the acquired assets and improve results both for the customer and the Company. This is also a spectacular deal for our existing shareholders with minimal dilution at worst. 2016 is off on the right foot.”
CPSM, Inc. is a publicly held company serving the surging pool / spa maintenance, design, and construction industry.
Safe Harbor Statement: This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.