PORT CHESTER, N.Y. -- Bench Group, Inc. (BNGP), today announced that on April 20, 2005, it executed a non-binding letter of intent with Qualmax, Inc., a privately owned Oregon corporation principally engaged in the emerging voice over Internet telecommunication industry ("Qualmax"). Pursuant
Commenting on the proposed transaction, Irwin Pearl, the newly elected President of Bench Group, said, "We are confident that the consummation of this business combination will result in an increase in value to our existing stockholders."
Bench Group currently has no business operations.
Closing of the transaction is subject to certain requirements including execution of a definitive agreement, completion of final documentation, due diligence, the closing of a private placement and customary pre-closing conditions. There is no assurance that this transaction will be completed.
Statements in this news release that relate to future plans, financial results or projections, events or performance are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. While these statements are made to convey to the public the Company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent the management's opinion. While management believes such representations to be true and accurate based on information available to the Company at this time, actual results may differ materially from those described. In addition to the matters described in this press release, there can be no assurance that the proposed business combination with Brixton will be successfully consummated on the terms set forth in the letter of intent or on any terms.