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International Development & Environmental Holdings (OTCBB:IDEH) Signs Letter Of Intent To Acquire Budget Truck Leasing Dealership
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International Development & Environmental Holdings (OTCBB:IDEH) , an emerging leader in parking management and truck leasing in the New York City Metropolitan area, today announced that it has entered into a Letter of Intent to acquire a Budget truck rental dealership from Heights Management 176 LLC.
The acquisition is subject to several conditions including the execution of a definitive agreement, consent to the transaction by Budget, an independent appraisal of the value of the dealership and a due diligence review. There can be no assurance when and if the transaction will be consummated. Scott Lieberman, President of the Company is also the sole owner of the Heights Management 176 LLC and the purchase price will be based upon an independent third party appraisal.
International Development & Environmental Holdings (OTCBB:IDEH)
According to IBISWorld's October 15, 2010 report, the Rental Truck Services and Leasing industry revenues for 2009 approximated $16.5 billion. IBISWorld's report stated, "This stable industry will experience improved conditions in the next five years, as the economy rebounds and business picks up. Businesses will continue to look to the industry for transport and storage needs, in order to save costs from increased emissions regulations. Additionally, the revived construction market will be a key driver of demand, as consumers use the industry's services to move into new homes."
International Development & Environmental Holdings (OTCBB:IDEH)
"The timing of this acquisition could not be more fortuitous," stated Scott Lieberman, Chairman & CEO. The Rental Truck Services and Leasing industry is beginning its turnaround and IDEH, will be the beneficiary of the market revival. This franchise along with others we are presently exploring, hold the potential to provide significant returns to our shareholders," Lieberman concluded.
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