Investment company RMII agrees to acquire 20/20

RM Investors Inc (RMII) has agreed to acquire 20/20 Produce Sales Inc, a regional produce distributor based in Heyburn ID. 20/20 Produce Sales had net sales of $15.9 million and a net profit of $0.4 million for the year ended December 31, 2013.
RMII agreed to issue 4,836,000 shares of its stock to acquire 20/20 as a wholly owned subsidiary. Upon completion of the acquisition, RMII will have 6,076,000 shares of common stock issued and outstanding. Before the acquisition, shareholders of 20/20 and a third person purchased an aggregate of 832,400 shares from principal stockholders of RMII.
As a result of these transactions, former stockholders of 20/20 now own an aggregate of 5,468,400 shares, or about 90% of the 6,076,000 shares of RMII outstanding. pproximately 340,000 shares remain in the hands of RMII’s public stockholders, and 67,600 shares are retained by the firm’s former management.
In connection with the acquisition of 20/20, its directors and shareholders were elected as directors and officers of RMII. The new board of directors consists of Mark D Williams, Robert T Williams, Tom Wason, and Colin Gibson. The board also approved changing the name of the company to 20/20 Global Inc. A stock symbol reflecting the new name will be announced at a later date.
The new board has also approved a 2-for-1 forward stock split of the 6,076,000 issued and outstanding shares of common stock to increase the outstanding stock to 12,152,000 shares. The record and effective dates of the forward stock split will be announced when they are determined.
Founded in 1993 to provide Idaho potato farmers the opportunity to collectively market their product, 20/20 provides year-round apple, onion, and potato supplies shipping from 15 separate shipping facilities. Its growing partners use cutting-edge technology that includes drip irrigation, in-house forced air-drying, automated packing line and palletization, and advanced sizing and grading equipment.
More information is available at www.2020produce.com.