The agreement proposes that EMCO will become a wholly owned subsidiary of GPAR, and the EMCO stockholders will collectively receive a total of 3,500,000 million shares of common stock of GPAR, plus warrants to purchase 600,000 shares of GPAR at $4 per share, plus warrants to purchase 400,000 shares of GPAR at $6 per share, plus $1,150,000 in cash.
The management of EMCO looks forward to joining the GPAR team in its growth strategy in the metal recycling industry.
As part of the restructuring and refocusing, GPAR will take a charge to operations in the fourth quarter totaling $2,153,000, most of such charge relating to inventory, fixed assets and capitalized software costs associated with discontinued products.
In addition, GPAR announced that its fourth quarter and fiscal year 1995 net sales were $2,157,000 and $9,511,000 respectively, compared to $3,173,000 and $12,338,000 for the same periods last year.
Accomplished so far : This project under the National GPAR Programme is building on the achievements of the previous governance and public administration reform programme, which are as follows:
Local administration capacity has been strengthened through the implementation of the District Development Fund (DDF) and the GPAR projects based in the provinces.
The capacity of implementing governance and administration reforms was strengthened at various levels of government through the direct financial and technical management of projects financed by the small-scale grants component of GPAR.
Improved coordination mechanisms were put in place throughout the implementation of the GPAR.