Abu Safah Oil Inc. Executes Share Exchange Agreement with Allied Products, Inc.
March 22, 2006 (Press Release) --
Abu Safah Oil Inc. announced today that it has executed a Share Exchange Agreement ("Agreement") with Allied Products, Inc. (OTC: ADPC) ("Allied"), a Illinois corporation, wherein Abu Safah Oil will become a subsidiary of Allied.
There are a number of conditions that must be met prior to closing of the transaction set out by the Agreement, including the issuance of a new ticker symbol reflecting completion of the agreement, execution of the Agreement by parties owning at least 80% of the voting stock of Abu Safah Oil and a number of other terms to be disclosed upon closing.
The company currently anticipates that the balance of the closing conditions will be satisfied and that the proposed acquisition will close by Friday, April 21, 2006.
Upon closing of the transaction, Allied Products will file a current report on Form 8K describing the transaction, and Abu Safah Oil will provide audited and pro forma financial statements for both companies. Furthermore, the company is in the process to update its SEC filings and will pursue a listing on the OTC Bulletin Board.
Safe Harbor Statement under the U. S. Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which express the current beliefs and expectations of management. Such statements are based on management's current beliefs and expectations and involve a number of known and unknown risks and uncertainties that could cause the company's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
SOURCE: Abu Safah Oil Inc.
There are a number of conditions that must be met prior to closing of the transaction set out by the Agreement, including the issuance of a new ticker symbol reflecting completion of the agreement, execution of the Agreement by parties owning at least 80% of the voting stock of Abu Safah Oil and a number of other terms to be disclosed upon closing.
The company currently anticipates that the balance of the closing conditions will be satisfied and that the proposed acquisition will close by Friday, April 21, 2006.
Upon closing of the transaction, Allied Products will file a current report on Form 8K describing the transaction, and Abu Safah Oil will provide audited and pro forma financial statements for both companies. Furthermore, the company is in the process to update its SEC filings and will pursue a listing on the OTC Bulletin Board.
Safe Harbor Statement under the U. S. Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which express the current beliefs and expectations of management. Such statements are based on management's current beliefs and expectations and involve a number of known and unknown risks and uncertainties that could cause the company's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
SOURCE: Abu Safah Oil Inc.
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