SoOum Corp (SOUM) Signs Exchange Agreement to Acquire Western Grade, LLC
SoOum Corp (OTC PINK: SOUM), a Physical Commodities e-Commerce and Arbitrage Trading company, and Western Grade, LLC, a civil contractor, have just announced, after careful consideration, the management teams of both companies have unanimously decided to enter into a definitive "Exchange Agreement" whereby SoOum Corp. (SOUM) will acquire all of the outstanding ownership interests of Western Grade, LLC.
Under the terms of the "Exchange Agreement," Western Grade Members will exchange their ownership interest for 420,000,000 shares of the common stock of SoOum Corp (SOUM) which represents an ownership interest in SoOum of approximately 42%. Upon completion of the proposed transactions, Western Grade will be a wholly owned subsidiary of SoOum. The obligation to close the transaction under the terms of the "Exchange Agreement" is subject to the normal terms and conditions contained in such agreements.
Management believes that the proposed transaction will prove to be mutually beneficial for both companies. Each company complements the other's business models, as SoOum will aim to improve Western's already solid performance through further business development, while Western will supply raw materials for SoOum's e-Commerce Platform and existing customers. The two companies will hit the ground running, as they have already discussed different business opportunities for the near future.
Western Grade prides itself in bringing state-of-the-art equipment, highly skilled operators and unsurpassed leadership to reach the highest level of customer satisfaction. The Company is technically capable of meeting or exceeding Forest Service Supplemental Specifications, and most other governmental utilities and site improvement specifications.
Some of Western Grades recent jobs include: a large scale water extension at the Painted Desert, AZ, road construction on the US/Mexico Border, Show Low, AZ sanitary reconstruction, the Willow Beach Fish Hatchery and other projects ranging from highways to parking lots.
About SoOum Corp
SoOum Corp is a publicly held (OTC PINK: SOUM) Physical Commodities Trading firm. Specializing in arbitrage based transactions of Physical Commodities, as well as offering an e-commerce Trading Platform, allowing customers to be a part of a unique community of Physical Commodities Traders, Suppliers, Buyers, and Procurement Agents engaging in the purchasing and selling of Products and Commodities across the globe, www.sooum.com/investor-relations.
About Western Grade
Founded in 2001, Western Grade, LLC is a well respected general contractor capable of domestic, as well as Commercial and Industrial projects. With unsurpassed expertise, and state of the art technical capabilities, Western's commitment to success and outstanding customer service were, and still remain a leading catalyst for the company's growth, http://westerngradellc.com/
Cautionary Note Regarding Forward Looking Statement
Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve a number of risks and uncertainties. The Company cautions that various factors, including the factors described under the caption forward-looking statements in the Company's annual report on Form 10-K, could cause actual results to differ materially from the statements contained herein. These factors include the following: business conditions and volatility in the commodities market, and the general economy; competitive factors including compressed gross profit margins; shifts in market demand; product availability; reliance on key customers; fluctuations in foreign currency exchange rates; income tax legislation; and the risk factors listed from time to time in the Company's reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement.