By Staff Reporter, Tom Bustamante, April 26, 2011
(NEW YORK) — In a conference call held by Integrity Sales & Services, Inc., which is traded under the name PROCONCEPT MARKETING (Pink:PRMK), the company aims to expand their farm equipment sales market though out North America.
In the call, Jacob Graber, the COO of Integrity Sales & Services announced they were in the process of expanding their sales market for their refurbished farm equipment and trucks from the Midwest, to now Canada and Mexico. This would mark a sharp change for this small, but solid Midwest farm equipment company, to expand their sales operations through out North America.
Also in the call, the company announced plans for a potential stock buyback program, and corporate name and symbol change, to reflect the new company following the completion of a merger with ProConcept Marketing (PRMK) late last week. Although still in discussions, a potential buyback program could begin as early as in the next couple of weeks.
In comments made during the call the company made note that their goal of going public wasn't for the purpose of raising capital, but more for the interest of conducting an acquisition strategy to roll together a number of small to mid-sized farm equipment and service companies under the PRMK umbrella. The lack of need to raise capital was made clear since the company is currently cash-flow positive, and profitable, and thus not in need of any operational capital at this time.
They mentioned the company has grown from 2 to now 20+ employees, recently purchased an 18,000 sqft facility, and on the operational side were expected to generate around $6 million in revenue for fiscal 2011.
When asked about the share structure, the company commented there was around 350 million shares issued and outstanding, with 35 million of those shares in the free-trading public float. In addition, the company made clear it had no intention to raise their shares authorized anytime in the near future, and expects to unveil a number of corporate road show events to begin marketing their new public entity to the local farming community, and general investment audience at large.