LOS ANGELES--(BUSINESS WIRE)--Gepco, Ltd. (GEPC), announced today that the company has signed a letter of intent with Peter Marco, LLC to acquire 100% of its outstanding equity interests, which are owned by Peter Voutsas, Gepco’s CEO. The purchase price shall be payable in cash, Gepco stock, and a purchase money note in amounts based upon good faith negotiation after receipt of a third party appraisal. The closing of this transaction is subject to definitive documentation and the satisfaction of all conditions set forth therein, and is expected to occur in late July.
In discussing Gepco’s maiden acquisition since the December 2013 reverse merger, Executive Chairman, Angelique de Maison, commented, “We are extremely pleased to have reached an agreement with our CEO, Peter Voutsas, to acquire his business entity, Peter Marco, LLC, which owns and operates Peter Marco Extraordinary Jewels of Beverly Hills. With the acquisition of this venerated jeweler, we have a foray into the upscale retail market. I can personally say that a trip to Peter Marco is to enter a world frequented by the “who’s who” of Hollywood and high net worth shoppers from around the world. When the elite are seeking out exclusive, unique pieces of investment-grade diamonds and other precious stones, Peter Marco is becoming a clear destination of choice. These exclusive gems are then combined with Peter Marco’s unique jewelry settings and customs designs, and the collaboration yields unique and valuable results. We are very encouraged by the prospects to bring value to our shareholders as exposited by our nascent opportunity.”
About GemVest:
GemVest (www.gemvest.com) sells and brokers high-end rare investment grade diamonds and gemstones. These gems are obtained from two principal sources: international wholesale diamond cutters with which our CEO, Peter Voutsas, has longstanding relationships, and individuals and estates possessing investment grade diamonds and heirloom quality jewelry who are seeking liquidity.
Mr. Voutsas has also established a worldwide reputation as a purveyor of exquisite, extraordinary fine quality precious stones and jewelry pieces that are retailed in an elegant but friendly environment on Rodeo Drive in Beverly Hills, California, and sold at competitively reasonable prices. Mr. Voutsas has an international clientele that includes individuals from every continent who are known to be buyers of investment grade stones and exquisite rare heirloom jewelry items. The placing of such exquisite jewelry and gemstones is one of Mr. Voutsas’ most noted talents and helps enable Mr. Voutsas to gain top dollar and quick turnover for virtually each such item.
FORWARD LOOKING STATEMENT: This press release may contain forward-looking statements, including statements about the business plan and prospective financial condition of Gepco, Ltd. (including its operating subsidiary GemVest, Ltd.) The forward-looking statements are subject to risks and uncertainties, including that the parties may not complete the transaction or that when completed, the transaction might be different than presently contemplated. Readers should not place undue reliance on the forward-looking statements. Gepco, Ltd. does not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. In addition, any forward looking statements regarding forward expected industry patterns and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: whether Gepco, Ltd. can successfully execute its operating plan; its ability to integrate acquired companies and technology; its ability to retain key employees; its ability to successfully combine product offerings and customer acceptance of combined products; general market conditions; and whether Gepco, Ltd. can successfully develop new products and the degree to which these gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release.