BEVERLY HILLS, CA, Feb 14, 2008 (MARKET WIRE via COMTEX) — SILVERADO FINANCIAL, INC. (PINKSHEETS: SLVO) is pleased to announce that it has signed a letter of intent to purchase MEDIA TECHNICS SYSTEMS, INC.
Silverado Financial recently announced its acquisition of Media Master Corporation (”MMC”), a spin-off of Media Technics Systems, Inc. (”MSI”). Today, Silverado is pleased to announce that it has signed a letter of intent to purchase MSI itself. MSI is an industry leader in the manufacture of CD, DVD, BLU-RAY and other optical disc duplication machinery and provides many other products and services to this important industry. MSI’s and MMC’s businesses are complementary and it is the intention of management to recombine these two distinct companies into a single operating unit. Last year, MSI’s sales exceeded $2 Million and MSI expects to increase that substantially this year through exciting new products and services currently in development and rapidly nearing deployment.
MSI counts as its customers, dozens of Fortune 500 companies. More information about MSI can be found at www.mediatechnics.com .
In a further development, Rick Wilson, the CEO of MSI, has agreed to join the Silverado Board of Directors and assume the role of CEO, effective immediately upon the completion of the acquisition of MSI by Silverado. Following the acquisition, Silverado intends to relocate its headquarters within MSI’s facilities in Ione, California.
Finally, Albert Golusin has signed on to return to his former position as Chief Financial Officer and as a member of the Board of Directors, effective April 16, 2008. Mr. Golusin is a CPA and has extensive experience as a controller and CFO of several public companies. During his past tenure with Silverado, he was responsible for generating our financial statements for SEC compliance. He oversaw Silverado’s finances as it became a fully reporting company and it will be his task to return us to that status in as timely a manner as possible.
“Silverado continues to negotiate with several other companies in order to pursue its goal of becoming a diversified manufacturer and distributor of valuable goods and services within markets that we believe will continue to see expansion despite or indeed because of the tightening economic conditions that are becoming more evident on a daily basis,” said Ari Bass, Silverado’s current CEO.
Notes about forward-looking statements:
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties.
Certain Statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied.
Forward-looking statements may be identified by words such as “estimates,” “anticipates,” “projects,” “plans,” “expects,” “intends,” “believes,” “may,” “should” and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the company and speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date when they are made.