Redishred Capital Corp. Announces the Acquisition of Illinois Based Mobile Document Destruction (“MDD”)
MISSISSAUGA, ON / ACCESSWIRE / March 1, 2022 / Redishred Capital Corp. (“Redishred” or the “Company”) (TSXV:KUT) has completed the acquisition of MDD’s book of client relationships and associated assets. Redishred anticipates an increase in its annualized revenue of over USD$200,000 per annum based on prior year results, and views this acquisition as accretive to the Company’s cash flows and earnings per share. The acquired clients will be serviced by the Proshred® Chicago location from its Tinley Park, Illinois facility. The acquisition was financed by utilizing Redishred’s cash reserves.
Mr. Jeffrey Hasham, CEO of Redishred had the following comments on the acquisition: “MDD has been the premier shredding service in Illinois south of Chicago, including the city of Kankakee, about forty minutes south of our Tinley Park facility. MDD has been in operation for over two decades, owned and operated by Steve Mills. Mr. Mills will be retiring after transitioning the business to Redishred, and we thank him for his dedication to his clients and our industry. Our goal is to ensure our new clients are serviced to the same high standard they have come to expect over the past decade.”
Redishred Capital Corp. is the owner of the PROSHRED® trademarks and intellectual property in the United States and Internationally. PROSHRED® shreds and recycles confidential documents and proprietary materials for thousands of customers in the United States in all industry sectors. PROSHRED® is a pioneer in the mobile document destruction and recycling industry and has the ISO 9001 certification. It is PROSHRED®‘s vision to be the ‘system of choice’ and provide shredding and recycling services on a global basis.PROSHRED® currently services over 40 markets in the United States.
FOR FURTHER INFORMATION PLEASE CONTACT:
Redishred Capital Corp. (TSX.V - KUT)
Jeffrey Hasham, MBA, CA, CPA
Chief Executive Officer
Phone: (416) 849-3469 Fax: (905) 812-9448
Redishred Capital Corp. (TSX.V - KUT)
Harjit Brar, CA, CPA
Senior Vice President and Chief Financial Officer
Phone: (416) 204-0076 Fax: (905) 812-9448
Note: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
This news release contains forward looking statements that reflect the current expectations of management of Redishred and Redishred’s future results, performance, achievements, prospects and opportunities. Wherever possible, words such as “may”, “will”, “estimate”, “believe”, “expect”, “intend” and similar expressions have been used to identify these forward looking statements. These statements reflect current beliefs and are based on information currently available to management of Redishred. Forward looking statements necessarily involve known and unknown risks and uncertainties. A number of factors, including those discussed in the 2020 Management Discussion and Analysis under “Risk Factors”, could cause actual results, performance, achievements, prospects or opportunities to differ materially from the results discussed or implied in the forward looking statements. These factors should be considered carefully and a reader should not place undue reliance on the forward looking statements. There can be no assurance that the expectations of management of Redishred will prove to be correct.
In particular, certain statements in this document discuss Redishred’s anticipated outlook of future events. These statements include, but are not limited to:
Readers are cautioned that such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from these statements. Redishred can give no assurance that actual results will be consistent with these forward-looking statements.
SOURCE: Redishred Capital Corp.
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