Lumonall, Inc. (OTCBB: LUMN), (the "Company" or "Lumonall") today announced that the closing of the merger or acquisition of CleanWear Products Ltd. ("CleanWear") has been delayed.
On November 9, 2009, Lumonall and CleanWear, announced an acquisition transaction that included several conditions precedent including satisfactory due diligence by either party. Not all conditions have been met and therefore the parties cannot proceed to close the transaction.
Lumonall and CleanWear have mutually agreed to an extension of the terms of the letter of intent to March 31, 2010.
John Simmonds, Company CEO stated; "We remain committed to the premise that the CleanWear transaction presents significant value to Lumonall and we expect to clear the remaining obstacles prior to closing."
Jonathan Harris, CleanWear President and sole shareholder commented; "The proposed transaction has several complicating elements which need to be agreed. I hope that we can overcome the outstanding issues and move towards closing in due course."
Note: This press release contains "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain. Lumonall cannot provide assurances that the matters described in this press release will be successfully completed or that the company will realize the anticipated benefits of any transaction. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to: global economic and market conditions; the war on terrorism and the potential for war or other hostilities in other parts of the world; the availability of financing and lines of credit; successful integration of acquired or merged businesses; changes in interest rates; management's ability to forecast revenues and control expenses, especially on a quarterly basis; unexpected decline in revenues without a corresponding and timely slowdown in expense growth; the company's ability to retain key management and employees; intense competition and the company's ability to meet demand at competitive prices and to continue to introduce new products and new versions of existing products that keep pace with technological developments, satisfy increasingly sophisticated customer requirements and achieve market acceptance; relationships with significant suppliers and customers; as well as other risks and uncertainties, including but not limited to those detailed from time to time in Lumonall's SEC filings. Lumonall undertakes no obligation to update information contained in this release. For further information regarding risks and uncertainties associated with Lumonall's business, please refer to the risks and uncertainties detailed from time to time in Lumonall's SEC filings.