BANGKOK, Thailand and HONG KONG, Dec. 17, 2009 (GLOBE NEWSWIRE) -- Archer Asia announced today that it has purchased a third factory in its strategic quest to become a major manufacturer in Asian and global markets. The newest acquisition has already produced and sold over 100,000 electric golf carts in Asia and has vast experience in the field of designing and manufacturing electric engines, parts and vehicles.
Michael Selsman, Archer CEO U.S., said, "We are rapidly establishing Archer Asia's presence as a highly-reliable, lower-cost supplier of household and industrial machinery to satisfy the growing demands of Asia's emerging middle class. The factory's staff is expert in designing and implementing electric motor technology, and we are in the process of moving the factory, production lines and workers from its present location near Bangkok, to Laem Chabang, a tax-free area so we can import materials and build exports with zero taxation."
Issaree Suwunnavid, CEO in Asia for the group added, "Thailand is set to become one of the world's prime production regions, our geographic location in the very centre of Asia gives us a huge advantage in servicing 75% of the BRIC nations; India, China and Russia are all within easy reach by land and sea."
Archer Asia previously revealed it had bought two other factories, Boss Manufacturing, an OEM producer, and Illolli, design-inspired "Green" White Goods in a deal worth $1.5m USD, both of which make a wide range of household and industrial items. Current clients include Samsung, LG, Sony and Panasonic.
Archer Asia (Thailand) will take full control on the 15th of December 2009; all current orders not part of the deal will be completed on or before the 1st of January 2010. The CEO of the new company will be Prof. Somyos, an expert in Designing, Manufacturing and System Analyst in both application and system software programming, who headed up teams at NASA and the U.S. Department of Defense. He also held senior positions at IBM.
About Archer Asia
Archer Asia is the Venture Capital arm of Ebeling Heffernan, a joint venture company between Archer (Pink Sheets:AEMC) and The Heffernan Group. Clients at emerging companies and venture capital firms benefit from our resources in these arenas and our locations in key global financial and technology centers, including Asia, Hong Kong, Los Angeles and the Bahamas.
The nature of our technology, new media and other startup ventures has been as varied as our client base. We handle all aspects of planning and structuring venture capital, buyout and similar funds, as well as organizing new companies and acquisition vehicles. We guide startups through the investment process by analyzing their capitalization structure, evaluating venture capital opportunities or government funding, negotiating term sheets and providing due diligence. We blend experience in business and technology law to help clients protect their intellectual property, negotiate optimal distribution deals and strategic alliances and implement growth strategies. From the building of a business through IPOs or acquisitions, we provide top-tier counsel.
We represent venture capital and private equity investors structuring their investment in portfolio companies, as well as representing portfolio companies in their capital raising activities and in implementing their growth strategies.
Beyond that one of our most important jobs is to connect the venture capitalists we know with the companies we represent. Our relationships with leading venture funds are a key part of our integrated service for emerging growth companies. One of our programs is a strategic tool for top venture capitalists to connect with promising companies. It also provides startup companies with practical business tools and advice.
Forward Looking Statements: Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect" "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.