|By Marketwired .||
|August 12, 2013 11:27 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/12/13 -- Penfold Capital Acquisition IV Corporation (the "Company") (TSX VENTURE:SEL), is pleased to announce that it has acquired RL Marketplace through its wholly owned subsidiary, SLM Logistics Corp ("SLM") for an aggregate purchase price of $100,000, which will be satisfied by issuing 714,286 common shares at a deemed price of $0.14 per share.
RL Marketplace, an United States based business, provides complete returns brokerage services, including purchase contracts, shipping, warehousing, and delivery, to various businesses. For fiscal 2012, RL Marketplace generated net income of US$25,000 on revenues of US$422,000. Mr. Melvin Simpson the founder of RL Marketplace will join SLM as part of the acquisition. Prior to founding RL Marketplace in 2011 Mr. Simpson was a business development specialist for several companies in the reverse logistics industry.
"We are very excited about the acquisition of RL Marketplace as a growth opportunity for the Company", said Vito Buffone, President and Chief Executive Officer.
Closing is conditional on the receipt of all applicable regulatory consents.
About Penfold Capital Acquisition IV Corporation
The Company, through its wholly owned subsidiary SLM, is dedicated to managing consumer and retail store returns and defective and problematic electronics through product end-of-life management. The Company provides manages returns from receiving to end-of-life with quality assurance testing, factory servicing, resale through non-traditional channels and recycling of non saleable product to support a closed-loop distribution process. The Company is able to recycle the non-saleable returns it receives, thereby allowing customer returns to have a very low environmental impact. An independent Waste Audit Report shows that the Company is able to achieve a waste diversion rate of 98.6%. This means that companies using the Company's processes are able to divert 98.6% of their product from landfill sites. The Company is currently working on rolling out this product offering to retailers to allow them to capture the environmentally conscious consumer. The Company currently operates only in Ontario.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Company's securities; the state of the industry; recent market volatility; the Company's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Company is unaware of at this time. The Company expressly disclaims any obligation to update any forward-looking statements except as may be required by law.