CONROE, TX, March 4 /PRNewswire-FirstCall/ -- AGR Tools, Inc. (OTCBB: AGRT) is pleased to announce that AGR Stone & Tools USA, Inc., with which AGR Tools, Inc. has entered into a binding share exchange agreement, has expanded its distribution network into Pittsburgh and the Western Pennsylvania area. The company's latest dealer is located in Allegheny County and is able to service a population of over 1.8 million people with an annual diamond tool market estimated at approximately $7,000,000. The addition of the Western Pennsylvania territory represents the next step in the North American expansion strategy of AGR Stone & Tools USA, Inc.
As the only major supplier of diamond tools that markets and distributes its products directly to customers, AGR Stone & Tools USA, Inc. has a major advantage over its competition. By selling directly, the company plans to control a quarter of the approximately $8 billion North American diamond tool market. "Our goal is 25% of the market which equates to $2 billion in sales. As our distribution network continues to grow, that goal is becoming more and more a reality", commented Rock Rutherford, the CEO of both AGR Tools, Inc. and AGR Stone & Tools USA, Inc.
About AGR Stone & Tools USA, Inc.: ----------------------------------
AGR Stone & Tools USA, Inc. is celebrating its 27th year as a leading diamond tool manufacturer and distributor specializing in producing consumable tools for the natural stone, engineered stone, concrete and masonry industries, and its goal is to provide its clients with superior quality products, excellent customer service and the most competitive prices in the diamond tooling industry. The company has completed extensive research and testing, and uses the latest technologies to assure it is at the forefront of the diamond tool industry. The company also employs some of the world's top scientists, engineers and metallurgists to produce the highest quality diamond tools for the construction industry.
On October 29, 2009, AGR Tools, Inc. and AGR Stone & Tools USA, Inc. entered into a binding share exchange agreement. See AGR Tools, Inc.'s November 2, 2009 Current Report on Form 8-K regarding the share exchange agreement with AGR Stone & Tools USA, Inc. for details on various conditions which must be met before the share exchange between the two companies closes. There can be no assurance that the share exchange will close. AGR Tools, Inc. must issue 46,186,516 shares of its common stock to the current shareholders of AGR Stone & Tools USA, Inc. in order to complete the share exchange. Accounting for the anticipated cancellation of 25,000,000 shares of its common stock, upon the closing of the share exchange AGR Tools, Inc. will have 81,186,516 shares of common stock issued and outstanding.
More information on AGR Stone & Tools USA, Inc. can be found at: http://www.agrtools.com/
Forward-Looking Statements: ---------------------------
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See AGR Tools, Inc.'s filings with the United States Securities and Exchange Commission which may identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
AGR Tools Inc.
CONTACT: Investor Contact: Equiti-trend Advisors LLC, 800-953-3350
