WASHINGTON, Aug. 28, 2008 (GLOBE NEWSWIRE) -- Ariel Way, Inc. (OTCBB:AWYIE) announced today that it has signed a Letter of Intent to acquire a Florida-based signage installation and manufacturing company. The deal is expected to be accretive to Ariel Way's 2008 earnings with strong EBITDA. The transaction, which is subject to the signing of definitive agreements and customary closing conditions in addition to satisfactory due diligence and financing arrangements, is expected to close within three months. The terms of the transaction were not disclosed.
Arne Dunhem, Ariel Way Chairman & CEO, said, "If we are successful with the acquisition of this exciting company, that has a highly experienced management team, we believe we have come a long way towards our objective of building a nationwide Digital Signage Network. In addition, we would also be nearing a proforma annualized consolidated revenue of over $16 million with a very strong cash flow potentially exceeding $2 million on a proforma annualized consolidated basis."
The Digital Signage Network, together with our mobile advertising campaigns, is a new platform for companies to promote and advertise products and services to targeted audiences as they shop, work and play in malls, retail stores, banks and other strategic locations.
About Ariel Way, Inc.
Ariel Way, Inc., a Florida corporation ("Ariel Way" or the "Company"), is a technology and services company for highly secure global communications, multimedia and digital signage solutions and technologies. The Company is focused on developing innovative and secure technologies, acquiring and growing profitable advanced technology companies and global communications service providers and creating strategic alliances with companies in complementary product lines and service industries.
More information about Ariel Way can be found on the web at http://www.arielway.com.
Forward-Looking Statements: Certain of the statements contained herein may be, within the meaning of the federal securities laws, "forward-looking statements," which are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. See the Company's Form 10-KSB for the fiscal year ended September 30, 2007 for a discussion of such risks, uncertainties and other factors. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. These forward-looking statements are based on management's expectations as of the date hereof, and the Company does not undertake any responsibility to update any of these statements in the future.