New York based manufacturing company International Smart Sourcing Inc (ISSI) announced that it has entered into a non-binding letter of intent to acquire Charter Fabrics Inc, a privately held textile and cosmetic sourcing company located in New York, New York.
Printed and knitted fabrics wholesaler Charter Fabrics Inc is a turn-key operation for worldwide sourcing in the textile and cosmetic industries, with a specialty in Asia. The Charter Fashion division of Charter Fabrics provides fabric and complete women's garment packages to major US manufacturers.
The Innovative Cosmetic Concepts division of Charter Fabrics provides a full line of cosmetic color kits which it manufactures for cosmetic companies as well as directly distributing them to major US retailers.
The letter of intent states that the Company will exchange 11,000,000 shares of restricted unregistered common stock of the Company for all of the shares of common stock of Charter Fabrics.
Charter Fabric's current annual revenue totals in excess of $13 Million Dollars. The acquisition is subject to the completion of a due diligence review and execution of definitive agreements.
David Hale, Chairman of the Board of Directors, President and Acting Chief Financial Officer of the Company, commented, "We are excited about the opportunity to grow our business in a new direction with the acquisition of Charter Fabrics."
Smart Sourcing Inc provides a full spectrum of services to manage a customer's product from design through production and delivery. This total service approach is unique and clearly distinguishes Smart Sourcing, Inc. from outsourcing competitors.
International Smart Sourcing Inc
marketing@alchempro.com
