PGCX News Sept 19. 2013
Virtual Sourcing Inc. Signs Engagement Letter for Acquisition Financing
Washington, DC, September 19, 2013 – (Accesswire) - Virtual Sourcing, Inc. (OTCPink: PGCX) in fulfilling its obligation to release news on material events announces the signing of financial engagement letters. The first letter is for $15 million in acquisition financing from a venerable registered broker/dealer with over 80 years’ experience. The engagement letter provides that the broker/dealer is now the exclusive placement agent and financial advisor for the Company. The initial term expires in January 2014 and continues on a monthly basis thereafter until canceled with 30 days’ notice.
An additional engagement letter has been signed providing for capital formation of $25 million to be used to further acquisitions and provide expansion and operations capital for the acquisitions. PGCX is required to retain auditors and take all sufficient actions necessary to meet the terms and conditions of listing on Nasdaq or AMEX/NYSEMKT during the next year.
Virtual Sourcing, Inc. is actively pursuing the acquisition of thriving businesses with a five-year or more operating history, year over year sales growth, and an increasing net cash flow already in excess of 10% of sales. Target companies include recyclers, manufacturers of recycled products, plastics extrusion companies and suppliers of recycled materials for manufacturing. The company believes the acquisition of these types of business will immediately enhance our bottom line and provide professional expertise for our fiberglass recycling and product manufacturing operations. We are also actively seeking to capture our supply chain of waste fiberglass materials from the manufacturers either by joint venture in production and marketing of products or to become the sole source of their waste disposal needs.
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