NEW YORK, April 03, 2018 (GLOBE NEWSWIRE) -- Williamsville Sears Management Inc. (OTC Pink:WSML) (“WSML” or the “Company”) is pleased to announce that it has signed a Letter of Intent (the "LOI") for the acquisition of Royal Systems & Services Limited, a Ghana-based investment holding firm, in an all-stock transaction subject to the approval by both companies of definitive documents and the achievement of certain other milestones.
The acquisition anticipated by the LOI is the result of a process initiated following WSML's strategic review announced a week ago. If consummated, WSML will own 100% of the outstanding shares of Royal Systems and all its subsidiary companies. Royal Systems currently generates $5 million in annual revenues with a margin of 30%. The due diligence process will follow immediately coupled with a PCAOB audit on Royal Systems.
Royal Systems through its subsidiary has a 23-year (BOOT) build, own and operate agreement with Takoradi Technical University in Ghana (http://www.ttu.edu.gh/ttu/pages/) to build 3000 rooms of student accommodation which comprises 3 Units that must have 1000 rooms per unit. The first unit of 1000 rooms’ construction has already started and will be completed within 11 months. Royal System will operate the student accommodation and generate revenues from it for 23 years before handing it over to the University. For more information about Royal Systems please visit https://royalsystems.com.gh/
Egerton Forster, Chief executive Officer of Williamsville Sears Management Inc., stated, “This is an exciting potential acquisition for us. Our international contacts are extremely excited to become a part of the vision of WSML which is to become a major player of international and domestic profitable operations all under the roof of WSML, the holding company. I would further like to thank the personnel at FINRA for the prompt responses to the corporate action request and getting the name and domicile changes. We are now just about ready to move forward at full speed.”
Royal Systems & Services Limited CEO Samuel Quadjie also stated, “We are delighted to be working with Williamsville, a group that is led by investment legends such MJ and Egerton and we know that this will lead to an even bigger growth for us as one of our subsidiaries is busy preparing to apply for a carrier license with the government of Ghana so as to expand our telecommunications market. Williamsville is run by titans who have years of experience in value building through acquisitions in Africa, I have faith in them and this is a great honor to be working on something like this with them.”
About Williamsville Sears Management Inc.
Williamsville Sears Management is a diversified holding corporation that was formed by Mandla J. Gwadiso. The group operates its own assets through a range of subsidiary companies up under its purview. The group’s primary focus is in real estate, mining, media, transportation, entertainment and technology. The group uses vertical integration as a strategy of diversification and growth. The group plans to grow through acquisitions in Africa, United Kingdom and the United States.
Williamsville Sears Management actively seeks a select portfolio of high-calibre strategic subsidiaries which it acquires based on market trends and their ability to deliver strong returns to shareholders whilst enhancing the communities in which the investments are located.
About Royal Systems & Services Limited
ROYAL SYSTEMS & SERVICES LIMITED, is a wholly Ghanaian owned company existing under the laws of Ghana having its registered office at #6 off Filbert Street, Near St. Martin De-Pores School Dansoman Accra, P.O.Box 12802 Accra-North. The company predominantly deals in providing telecommunication infrastructure and civil engineering and consultancy and building and construction.
RSSL is also registered as a class D1K1 contractor with the Ministry of Water Resources, Works and Housing with REG CERT NO. MWRWH/CERT NO 31670A.
The company has three directors and experienced staff strength of about 60 individuals with varied background and skills in civil engineering, project management, finance, accounting and telecommunication. In addition to its personnel, the company hires additional staff on contract basis when it has excess work load or need a specific expertise it lacks.
RSSL is an OHSAS 18001 and an ISO 9001:2015 Certified Company and is highly committed to working to meet internationally acclaimed standards. RSSL is driven by the core values of Responsiveness, Reliability, Integrity, Speed and Quality. https://royalsystems.com.gh/
The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
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Source:Williamsville Sears Management Inc