FT. LAUDERDALE, Fla., Jan. 10, 2023 (GLOBE NEWSWIRE) -- Aluf Holdings, Inc.
("AHIX") ("Aluf") (OTC PINK: AHIX) today announced that it has completed the previously announced acquisition of Tax Partners Group, LLC d/b/a Rapid Tax USATS ('RTUSA'), South Florida based leading edge provider of virtual income tax preparation, accounting, and advisory services for business and individuals. Aluf paid approximately US$250 thousand to acquire TPG, funded through a combination of seller financing and equity (approximately $200 thousand). Approximately 800 thousand shares were issued from Treasury, priced at $.25 per share.
The acquisition of RTUSA is the next step in our ambitious growth strategy and launch of our Business Management Solutions Division, providing diverse solutions of Back-office, Staffing, Financial, and Technology Services. 'The timing for closing this acquisition couldn't be better,' says Aluf CEO Sam Jakobs. 'With tax season just a few short weeks away, this acquisition means that we can now incorporate this expertise into our own service offering in our Business Management Solutions Division,' continues Jakobs.
Rapid Tax USATS, first established in 2015, will continue to deliver a consistent level of excellence and will continue operating out of Aluf's headquarters. As we build the RTUSA team, Aluf's CFO, Teresa McWilliams, will remain acting managing director for RTUSA. 'This is an exciting acquisition for both Aluf and RTUSA,' says McWilliams.
'Since announcing the LOI we have received an overwhelmingly positive response resulting in the growth of RTUSA's client base. We are looking forward to a lucrative tax season this year and beyond,' continues McWilliams. About Aluf Holdings, Inc.:Aluf Holdings, Inc.
is a publicly traded holding company headquartered in Ft. Lauderdale, FL, engaged in acquiring, operating, and managing subsidiary companies in the development and sale of proprietary software and technology solutions. Our key strategy is to build a larger and more diverse company through strategic and managed acquisitions and growth.
Our core focus includes biometrics, software, and hardware verticals. For more information go to URL About Tax Partners USA, LLC:Tax Partners USA, LLC, is located in Davie, Florida doing business as Rapid Tax USATS, providing year-round personalized tax, accounting, and business advisory services to corporations, small businesses and high net worth individuals nationwide. Our professional staff at Rapid Tax USA focuses on the unique personal and business needs of their clients and provides them with customized solutions to meet their goals.
Safe Harbor Statement:This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E and/or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain.
Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company's ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company's suppliers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties. Corporate Contact:Aluf Holdings, Inc.Teresa McWilliams, Chief Financial Officer866-793-1110