** Past successful Reverse Mergers: ECSI (was AVST)
ECSI (was AVST)
1. AVST was a shell known to be looking for RM candidate, o/s 153 mil, float ~ 100 mil.
2. Mar.6,2006 – announces a reverse merger with E-Cash.
3. Jun.2,2006 – 1:400 reverse split, symbol change to ECSI
Runs 0.0025 to 0.02 for 700% on reverse merger news.
===============================================================================MENDOTA HEIGHTS, MN, Mar 06, 2006 (MARKET WIRE via COMTEX) -- Avery Sports Turf, Inc. (OTC BB: AVST) is pleased to announce that it has signed a binding Agreement and Plan of Reorganization to be acquired in a reverse acquisition by the shareholders of E Cash, Inc., a New Jersey corporation.
E Cash's primary activity is the operation of automatic teller machines ("ATMs"). E Cash's ATMs are owned and operated by E Cash, Inc. E Cash is a non-financial institution that owns stand-alone cash dispensing units. The ATM machines have been placed in various retail locations including supermarkets, convenience stores, restaurants, colleges and other locations not generally serviced by traditional and financial institutions. E Cash's ATMs can be accessed by the use of either credit or debit cards issued by a wide range of financial institutions.
E Cash revenues consist of interchange and surcharge fees which are assessed to each customer on a transaction-by-transaction basis. A surcharge fee is a charge assessed to the customer for use of the ATM. An interchange fee is the fee we receive from the cardholder's bank for processing a transaction on behalf of their customer.
Mr. Richard Schaefer, CEO and Chairman of E Cash, Inc., stated, "We are extremely excited to begin the process of becoming a publicly traded company through this transaction. We feel it gives our company a tremendous opportunity to grow organically and through acquisitions of other companies."
Gary Borglund, President of Avery Sports Turf, Inc., commented, "We have looked at numerous situations to potentially increase shareholder value and we feel the E Cash transaction provides the best prospect of fulfilling that goal. We believe that a public listing will help them become a bellwether in their industry."
The transaction is dependent upon shareholder approval from both E Cash and Avery Sports Turf, Inc. It is expected that a proxy statement will be sent to Avery shareholders in the month of March.
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On March 17, 2006, the Company authorized to be issued 340,877,600 restricted common shares of the company at $0.0025 for an aggregate value of $ 852,194, bringing the total outstanding shares of common stock to 497,604,165. These shares are to be held until March 30, 2006 for distribution to the creditors. Of the shares authorized to be issued, 64,000,000 were for cash of $160,000 and 276,877,600 common shares for the reduction of debt of $ 692,219. The cash is being used to reduce the debt not extinguished by the issuances of stock, leaving the Company with liabilities of less than $ 25,000
