Environmental Diagnostics Inc. of Irvine has signed...
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Environmental Diagnostics Inc. of Irvine has signed a letter of intent to acquire all the stock of Granite Technological Enterprises Inc. in exchange for 2 million unregistered shares of its own common stock, James G. Watt, chairman of Environmental Diagnostics, said Friday.
Granite, which manufactures products for agricultural, veterinary and medical applications, has more than $2 million in assets and is expected to provide about $2.4 million in annual sales, Watt said.
Granite chairman Samuel Powell also has agreed to invest $1 million cash in Environmental Diagnostics after the deal closes.
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