Heartland, Inc. Signs Letter of Intent to Acquire 100% of Ohio Valley Lumber.DESTIN, Fla. -- Heartland, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :HTLJ HTLJ Hercules: The Legendary Journeys (television show) ) announced today that they have recently filed a Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. with the SEC regarding the LOI LOI Letter of Indemnity (international trade and carriage business) LOI Letter Of Intent LOI Loss On Ignition LOI Letter of Inquiry LOI Lack Of Information LOI Lack of Interest LOI Letter of Invitation LOI List Of Items to acquire Ohio Valley Lumber. At the closing, Heartland shall issue 5,200,000 shares of common stock in Heartland to the shareholders of Ohio Valley Lumber in exchange for 100% of the issued and outstanding shares of Ohio Valley Lumber's common stock. In addition, Heartland will make a $2,000,000 capital cash infusion into Ohio Valley Lumber to be used exclusively for the reduction of debt. Mr. Trent Sommerville, Chairman of Heartland, commented: "We are very excited about the acquisition of Ohio Valley Lumber. We feel that the addition of Ohio Valley Lumber to Heartland's growing list of subsidiaries will further enhance Heartland's growing revenues and bottom line. This addition will further assist Heartland in increasing shareholder value and aide Heartland in moving forward with plans to be listed on a more prominent exchange, which we feel will open greater opportunities for growth and future acquisitions." About Ohio Valley Lumber Ohio Valley Lumber (www.ohiovalleylumber.com), a profitable company with annual sales in excess of $18,000,000, was originally founded in 1960. Ohio Valley Lumber's gross assets are in excess of $19,500,000 and its net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. , net of mortgages, financing, and line of credits outstanding, is in excess of $10,500,000. They are located at 16523 Street, Route 124, Piketon, Ohio. They are one of the largest hardwood mills in the United States. The Company's facility encompasses a 230-acre site with a newly completed 9,000-square-foot executive office. The Company has a 42,000-square-foot operating sawmill. They produce 30,000,000 board foot annual production. Ohio Valley Lumber is the largest walnut producer in Ohio and the largest chip supplier to Mead Paper. They handle over 3,000,000 feet of veneer logs annually. The Company, whose products are sold throughout the world, employs over 140 people. For further information about this release, contact Rich Kaiser, Investor Relations Investor relations The process by which the corporation communicates with its investors. , YES INTERNATIONAL, 800-631-8127 or visit www.heartlandholdingsinc.com Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. : Statements contained herein, and other data, may constitute forward-looking statements. When used in this document, the words "estimate," "project," "intends," "expects," "believes," and similar expressions are intended to identify forward-looking statements regarding events and financial trends, which may affect the Company's future operating results and financial position. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. 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 provides a "safe harbor" for forward-looking statements. |
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