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Henderson, Nevada, Dec. 6, 2021 (NEWSWIRE) -- United Resource Holdings Group, Inc. (OTC Pink: URHG) ("URHG" or the "Company") a Nevada holding corporation actively pursuing acquisitions announced it has finalized and executed a legally binding Letter of Intent to acquire ServTouch Services Pte Ltd. (“STS”), an Information Technology Services company valued at $100 million.
Having completed its due diligence on the acquisition candidate, management is satisfied with its findings and has concluded it is in the best interest of the Company and its shareholders to move forward with the acquisition of the candidate. To that effect, the Company has executed a binding letter of intent to acquire 100% of the outstanding shares of ServTouch Services (STS), subject to relevant regulatory approval.
STS is a leading Technology company offering IT services and digital printing solutions in Asia and Singapore respectively. It is transforming the IT Services industry by deploying its own ePlatform services designed to open up the after-market IT services industry, dynamically matching supply to on-demand IT needs. STS has extensive capabilities in digital production printing to replace offset printing in areas requiring quick turnarounds jobs, short-run jobs and on-demand printing jobs. STS is also leveraging on its traditional strengths in providing outsourced IT services to major OEMs operating in Asia.
With the momentum generated by such transformation initiatives, we expect to see great things coming from this company, which is run by an energetic and technology savvy management team, positioning it well to capitalize on the opportunities emerging in Asia. Current URHG management feels strongly about the potential of ServTouch and believes that aggressive growth is very likely to occur as it embarks on a business model transformation journey to become IoT-driven, enhancing its operational efficiency and profitability.
"The executives and current board put a lot of time into finding the right type of company for acquisition. We feel that we have found a great company with a strong track record, great earnings and a lot of growth potential. I have faith in the potential of this candidate and the value it will bring to URHG shareholders and investors." commented Jerry Condon, company CEO.
About United Resource Holdings Group, Inc.
United Resource Holdings Group, Inc. is involved in the procurement and acceleration of equity positions in small and mid-sized companies. The company was incorporated in 2004 and is based in Henderson, Nevada.