PEI Worldwide Holdings, Inc. (Pink Sheets: PEIW) announced today that the company has signed a letter of Intent (LOI) with Gary McClenan to purchase Mec Metal Equipment for the production of Thura-Block™ building material. This purchase will be suitable to outfit one Thura-Block™ plant which will be located in Oklahoma.
PEI Worldwide Holdings Inc. will license Gary McClenan, who will own and operate a Thura-Block™ production facility. PEI Worldwide Holdings Inc. will provide consulting and training services and will license to purchaser-licensee the right to use the equipment to produce, sell, and distribute Thura-Block™ within the licensed territory.
Gifford Ludwigsen, CEO of PEI Worldwide Holdings, Inc. states, "This proposed First U.S. Thura-Block™ production facility will be the first of several strategic manufacturing locations producing our products for the future of the construction industry. Financially speaking, potential annual revenues based on License and Royalty Fees total more than $2.5 million/operating facility or an EPS of .06 per share. The above referenced revenue figure is projected as a per facility figure and could be replicated as additional facilities come online."
Licensee Gary McClenan states, "I am very pleased with this initial agreement and looking forward to a long and rewarding association with PEI Worldwide Holdings, Inc. As the former owner of Pulse Products, Inc., we manufactured connector accessories for the military and aerospace industries for more than 25-years, at which time I sold the business. Following extensive due diligence, I am confident that Gifford has brought forth an exceptional array of products and a superior production process and have targeted a potential production facility located on US HWY 69 in East Central Oklahoma. I am excited to be involved in this new venture with Gifford and PEI Worldwide Holdings, Inc. and their associates."