NovaMed has executed a letter of intent to acquire 100 percent of World Wide Auctioneers, an international heavy equipment auction company based in Dubai, United Arab Emirates (UAE).
The letter of intent anticipates issuing up to 42 million new shares of NovaMed's common stock to World Wide Auctioneers, the parent of WorldWide, in exchange for the acquisition. NovaMed and WorldWide expect to sign a definitive acquisition agreement before the end of July upon the successful completion of due diligence inquiries.
WorldWide is an international equipment auction company that holds unreserved auctions for the sale of construction, industrial and transportation equipment on consignment. The company estimates that more than $100 billion of second-hand construction equipment changes hands annually with approximately 70 percent of this volume trading outside of North America.
Currently, WorldWide's primary operations are focused within the Middle East where years of strife followed by periods of reconstruction have produced a growing trade in heavy equipment. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
