DFRC Unable to Complete Agreement to Acquire Impact Beverages Inc.Business Editors SAN DIEGO--(BUSINESS WIRE)--May 7, 2004 Diversified Financial Resources Corp. (DFRC DFRC Dryden Flight Research Center (NASA) DFRC Duty-Free Replenishment Certificate Scheme DFRC Delta Family Resource Centre (Toronto, Canada) ), a holding company, trading under the stock symbol OTCBB OTCBB See OTC Bulletin Board (OTCBB). : DFRC, announced today that it is unable to complete the announced agreement to acquire a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in "Impact Beverages Inc." (Impact) of Scottsdale, Ariz., the subject of a Feb. 26, 2004 release. Impact has not provided the necessary 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. information, including financial information that would support audited financial statements for Impact that would comply with GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). (generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ), that DFRC had requested in order to proceed with the acquisition. This information was needed to develop and implement a revised business plan that would address the expenditure of new investment dollars, accounting methods, debt and account controls, the amount of ownership, operational control and use of the water bottling plant. As this revised business plan was not acceptable to Steve Nickolas, the president of Impact Beverage Inc., in accordance with his instruction as of this date to cancel the announced acquisition DFRC hereby announces the termination of its efforts to proceed with the acquisition of Impact. No shares have been issued in anticipation of the closing of this acquisition. DFRC is currently a holding company with operations in real estate. Investors are strongly encouraged not to make an investment which they cannot afford to lose. Furthermore, DFRC does not recommend that any shareholder take any action solely based upon the information provided above. DFRC strongly encourages the public to read the above information in conjunction with its Form 10KSB KSB Kogod School of Business (American University) KSB Kelley School of Business (Indiana University) KSB Kantonsschule Am Brühl St. for Dec. 31, 2002, and 10QSB QSB Fading QSB Qualified Small Business (IRS category) QSB Queen Street Backpackers (Auckland, New Zealand) QSB Quality System Basics QSB Qualified Supplemental Benefit QSB Quantum Singleton Bound for Sept. 30, 2003. These disclosures can be viewed at www.sec.gov. DFRC's Web site can be viewed at www.dfrc.net. http://www.impactwaterplus.com This press release may contain forward-looking statements that are based on a number of assumptions, including the successful completion of the necessary due diligence in a short period of time. Although DFRC believes these assumptions are reasonable, no assurance can be given that they will prove correct. These forward-looking statements involve a number of risks and uncertainties, including competitive market conditions, successful integration of acquisitions, and the ability to secure sufficient financing. The actual results that DFRC may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. |
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