CDK Announces Agreement to Acquire Assets from Western Power & Equipment.Business Editors MELVILLE, N.Y.--(BUSINESS WIRE)--Feb. 7, 2003 CDKnet.com, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CDKX) announced that it entered into an agreement with Western Power & Equipment Corp. (OTCBB: WPEC WPEC Wisconsin Professional Employees Council (Madison, WI) WPEC Windsor Park Equestrian Club (UK) ) to acquire a portion of Western's business in California and Nevada. Western Power & Equipment Corp. sells, leases, rents and services construction and industrial equipment for Case Corporation and 30 other manufacturers. The transaction will involve CDK's acquisition of approximately $15 million of tangible assets and operations which reported nearly $50 million of total revenue for the year ended July 31, 2002 in exchange for the assumption or replacement of existing debt, a cash payment of $500,000 and a five year promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. of $500,000. Certain members of Western Power's management will receive approximately 60% of the post transaction combined entity. The completion of the transaction remains subject to several conditions including the approval of both companies' boards, financing transactions including an institutional revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility and other financing for the purchase, the receipt of other required third party approvals, delivery of audited financial statements of the business to be acquired, additional due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and compliance with applicable regulatory requirements. Safe Harbor Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Forward-looking statements in this release with respect to the CDK's or Western Power's business, financial condition and results of operations, as well as matters of timing and the prospective terms of the transaction described are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond CDK's or Western Power's control with respect to market acceptance, whether financing will be available, the effect of the application of acquisition accounting policies as well as certain other risk factors which are and may be detailed from time to time in CDK Cdk cyclin-dependent protein kinase. and Western Power's filings with the Securities and Exchange Commission. |
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