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American Access Technologies, Inc. and Chatsworth Products, Inc. Sign Letter of Intent; CPI to Invest in AATK.

Publication: PR Newswire
Publication Date: 25-FEB-03
Format: Online
Delivery: Immediate Online Access

Article Excerpt
American Access Technologies, Inc. today announced that it has signed a Letter of Intent with Chatsworth Products, Inc. (CPI) outlining the basis for an agreement to cooperate on the development, manufacturing and marketing of products. As part of the proposed transaction, CPI may acquire up to 9.9% of American Access outstanding stock at an agreed-upon price and has agreed to purchase $250,000 at $1.16 per share in restricted American Access stock through a private placement effective at the signing of the definitive agreement.

Under the terms of the Letter of Intent, it is anticipated that AATK and CPI will co-market and co-manufacture products and incorporate the brand names and patents of both companies.

"This transaction creates powerful synergies in that CPI and AATK each...

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