SOHM, Inc. (PINKSHEETS: SHMN) has signed a Letter Of Intent to acquire a high-growth dermatology company based in India.
Upon the successful close of the acquisition, which is expected in Q2 of fiscal 2011, the Company would add 17 new product offerings, which the Company projects will contribute in excess of USD $1,000,000 in revenue, with significant profit margins.
The Company expects this acquisition to be accretive to earnings and cash flow within the first year, allowing the Company to report its first profitable year of operations since inception.
"Key acquisitions are a strategic goal for SOHM," stated Shailesh Shah, President and CEO of SOHM, Inc. "We not only gain new products to further diversify our offerings, but increase our revenue and brand awareness significantly throughout India and the entire Asian region. The signing of this LOI is a big step forward in realizing the revenue and product line growth we have projected for 2011. Furthermore, I'm delighted to forecast that 2011 is projected to be our first profitable year since inception, and I will be pleased to further communicate management's comprehensive plan to increase shareholder value when we report earnings throughout the year."
