Penge Corp, a Delaware Corporation, Acquires S&S Plant Farm and Relocates Its Corporate Headquarters to Midland, Texas.MIDLAND, Texas Midland is the county seat of Midland CountyGR6 located on the Southern Plains of the western area of the U.S. State of Texas. As of the 2006 U.S. Census estimate, the city had a total population of 102,073. -- Penge Corp, a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. (Pink Sheets:PNGC PNGC Plano Nacional de Gerenciamento Costeiro
PNGC Pacific Northwest Generating Cooperative
PNGC Portsmouth Naval Gliding Club (United Kingdom) ), announces that it has acquired S&S Plant Farm of Midland, Texas in a cash and stock deal valued at $1,500,000 and relocated its corporate headquarters to 3011 Todd Road, Midland, Texas.
S&S Plant Farm, Inc. is a 50 acre plant, tree, and shrub shrub, any woody, perennial, bushy plant that branches into several stems or trunks at the base and is smaller than a tree. Shrubs are an important feature of permanent landscape planting, being used for formal decorative groups, hedges, screens, and background operation in Midland, Texas, that has been operating for over 15 years. S&S is a wholesale operation and does not sell to the public.
S&S Plant Farm did approximately $1,650,000 in revenues in 2004 selling wholesale product to retail nurseries and landscape contractors in Texas and New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). . The purchase includes wells, equipment, greenhouses, outbuildings and real estate, as well as all intellectual property, customer lists, and the operating business.
Current management will continue to run the company with a five year employment contract in place. In addition, current management received a portion of the purchase price in common stock of Penge Corp and has become the third largest shareholder in Penge Corp. Penge believes that this creates a partnership situation where the current S&S management team has the greatest incentive to continue running and growing the business for maximum profitability in the coming years.
"We are very excited to have our headquarters here in Midland," said KC Holmes, President of Penge Corp. "We have wholesale nursery operations in Tucson, Arizona Tucson (pronounced /ˈtusɑn/, Spanish: Tucsón [tuk'son] and in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation).
Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , but we felt that Midland offered us the best opportunities for growth over the next 5-10 years. Midland has great people, inexpensive infrastructure, and a quickly expanding economy that we find attractive as a small public company."
About Penge Corp
Penge Corp, a Delaware corporation, is a public holding company that acquires nursery-industry companies. Penge's current holdings include a 274 acre wholesale tree operation outside of Tucson, Arizona, a 17 acre tree and shrub operation outside of Houston, Texas, and a 50 acre bedding plant bedding plant
Plant that is grown, usually in quantity, in pots or flats in a greenhouse or similar structure, and that is intended to be transplanted to a flower garden, hanging basket, window box, or other outdoor planter. Most bedding plants are annuals. , tree, and shrub operation in Midland, Texas. Penge Corp maintains its principal offices in Midland, Texas.
Forward-looking Statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . This Press Release does not constitute an offer of any securities for sale. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. While these statements are made to convey the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Actual company results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. A more extensive listing of risks and factors that may affect the business prospects of the company and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission.