- Created: Thursday, 29 March 2018 18:25
- Written by Nasdaq GlobeNewswire
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NEW YORK, March 29, 2018 (GLOBE NEWSWIRE) -- White Smile Global, Inc. also known as 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 FPL Holdings Inc, a New York based investment holding firm, in an all-stock transaction.
Subject to the approval by both companies and the achievement of certain milestones a definitive agreement will be prepared with the final terms for execution. The LOI is the result of WSML's strategic plans to target and bring value to the shareholders.
According to the terms of the LOI, if consummated, WSML will aquire 100% of the outstanding shares of FPL Holdings Inc. and all its subsidiary companies that include Femab Properties Limited in Nigeria. FPL Holdings has a Net Asset Value (NAV) of an estimated $380 million (USD). Audits of FPL and its subsidiaries are underway to confirm all information prior to closing.
Further, WSML will have ten Board of Directors. Four members to be appointed by FPL Holdings Inc, two by Palewater Global Management Inc, two by Milost Global Inc. and two independent members by WSML.
White Smile Global, Inc. initiated the process to change its corporate name to Williamsville Sears Management Inc. and will immediately begin doing business as Williamsville upon the approval by FINRA. The company's corporate action request with FINRA included the name Change to Williamsville Sears Management Inc., retaining WSML as the ticker symbol and the change of domicile from Nevada to Florida. The company filed a form 10 registration statement with the SEC on March 26, 2018 that is currently awaiting any comments and to be effectuated.
Egerton Forster, Chief Executive Officer of Williamsville Sears Management Inc., stated, "We are very excited about this potential acquisition. We continue to look for opportunities in the market, the same that are cash-flow positive and are profitable and FPL Holdings fits just that. We plan to target several other transactions and then immediately move up to the OTCQB."
FPL Holdings Chief Executive Officer, Abiodun Aguda, stated, "We are glad to be talking with WSML. We have solid assets that are cash generating and also a pipeline that can generate even more revenues which has great potential for WSML to tap into. FPL believes that this opportunity will present them with much needed capital and visibility for growth."
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 Femab Properties Limited
Femab Properties Limited is a limited liability company incorporated in the year 1999. The company is into full range of real estate development and allied services such as Technical Consulting, Civil & Engineering Construction, Projects Management, Facilities Management, Property Sales & Letting and Estate Development.
Being a dynamic company with seasoned professionals, Femab Properties Limited has single-handedly executed diverse real estate projects, some of which are: Dream Home Estate at Ikorodu, Peninsula Garden Estate at Ogombo - Lekki, Diamond Estate 1 at Sangotedo - Lekki, Lagos. The company is presently coordinating more upscale projects namely; Diamond Estate 2 at Sangotedo - Lekki, Platinum Gate Estate at Alaka - Surulere, Association of Nigerian Physicians in America (ANPA) in addition to federal and state government mass housing projects in Nigeria.
The company operates subsidiaries in Blockmaking, Quarry, Haulage and Logistics and has a strategic partnership with a reputable international Dredging firm. http://femabproperties.com/
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.