ActionView International Inc. announced today, May 12, that the company has entered into an initial agreement in the form of a letter of intent for an acquisition transaction with Jim Palmer Trucking Inc., a transportation company headquartered in Missoula, Montana.
Jim Palmer Trucking, a refrigerated carrier, operates in 44 states and maintains a fleet of 350 trucks and 500 trailers. In addition to its headquarters in Missoula, Mont., Jim Palmer Trucking has terminals in Salina, Kan., and Denver, Colo. Jim Palmer Trucking also has drop lots located in Fontana, Calif.; Tampa, Fla.; Portland, Ore.; Wenatchee, Wash.; and Chicago.
The initial agreement in the form of a letter of intent provides the framework for a subsequent definitive agreement under which Vancouver, B.C.-based ActionView International would acquire all of the issued and outstanding shares of Jim Palmer Trucking in exchange for a majority percentage of ActionView International. The details of the proposed share exchange will be included in the definitive agreement. The letter of intent outlines additional due diligence, audit work and other terms that must be fulfilled to proceed to definitive agreement and to subsequently effect a close of the transaction.
The post merger plan for Jim Palmer Trucking includes a potential acquisition strategy, the addition of new members to the management team and the development of additional business lines within the trucking industry while maintaining and growing existing accounts in its core business.
“Jim Palmer Trucking is a mature company with substantial revenues and a solid strategy for additional future growth, and we are extremely pleased to have reached an initial agreement for an acquisition transaction,” says Steven R. Peacock, president and chief executive officer of ActionView International. “We look forward to the completion of the ongoing due diligence and moving to a definitive agreement with Jim Palmer Trucking once the terms of the letter of intent have been met.”
ActionView International’s operating subsidiary custom-designs, develops, and manufactures vividly illuminated motion billboards.