Leading acquisition and development company Golden Age Resources (GDAR) entered into a letter of intent recently to purchase two unnamed media companies, the company said on Tuesday.
The parties have initiated a period of due diligence, which is intended to result in a definitive merger agreement that would close within 30 days.
"The planned acquisition of these two media companies will allow for a highly successful media-content company and a high-volume media distribution company to join forces to quickly leverage aspects of each company and to create an immediate profitable strategy,” Terence Byrne, Golden Age Resources' CEO and a turn-around specialist, said. “These new acquisitions allow for GDAR to bring real revenues and hard assets into the company, which will have an immediate impact for the shareholders."
The company is highly optimistic about the merger improving its shareholder value, believing that growth comes from such shared connections. During the previous fiscal year, the two media companies’ overall revenue exceeded $3.5 million and yielded combined net earnings of $325,000. Both businesses expect to see overall annual revenue increase by over 40 percent to $5 million.
Golden Age Resources, based in Palm Beach Gardens, Florida, provides project development, medium and long-term finance solutions, and investments into high-growth industries that build shareholder value over a long period of time.
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