BEIJING -- Century Milestone S&T Co. (OTCBB:CEML), a Chinese ATM and banking video surveillance company, has entered into a Letter of Intent to acquire L.L.&D., a New Mexico-based ATM and armored car service company.
Under the terms of the agreement, Century Milestone will receive all of the outstanding stock of L.L.&D. in exchange for 1,500,000 shares of Century Milestone's restricted common stock and the assumption of $250,000 of debt. Following shareholder approval of the agreement, the company will have 100 percent ownership of the ATM and armored car service company.
L.L.&D. was founded in 1996 to provide armored transport, coin processing services, money room service and vault storage from its headquarters in Albuquerque. Its ATM Division provides first line maintenance, balancing and replenishment services. The company's primary service area is New Mexico, but it has expanded its regional presence to include Texas and Colorado. The company employs 74 people and operates nine armored and maintenance vehicles. Gross revenues for 2000 were approximately $3 million.
Century Milestone earlier had announced its intent to expand into the international market. Through an agreement with MobileMatrix, Inc., an ATM maintenance and dispatch center software developer and consulting group, Century Milestone plans to establish a national ATM and armored car dispatch and video-monitoring center in Boise, Idaho.
The facility will utilize Century Milestone's CenturySight 2000 monitoring system and MobileMatrix's ATM and armored car dispatch software, and will serve as the center of the Century Milestone's U.S. operations. With the acquisition of L.L.&D., the company will become a full-service surveillance, dispatch and service provider for ATMs and armored cars nationwide.
Luo Yun, chairman of Century Milestone, said, "When the acquisition is completed, we will be able to provide more complete service to our customers throughout the United States."
