SIGMA METALS INC.Gales Industries Incorporated GLDS, a holding company established to consolidate manufacturers, engineering integrators and specialized service providers to the aerospace/defense industry, today announced that it had signed a Stock Purchase Agreement for the acquisition of all of the outstanding shares of Sigma Metals, Inc., a strategic metals distributor based in Deer Park, Long Island, NY. As part of the purchase agreement Gales Industries has agreed to pay approximately $5.0 million plus an amount equal to Sigma's earnings for the period from January 1, 2006, until the closing. The purchase price will be paid in a combination of cash, restricted stock, and debt. Further, Gales will assume approximately $1.2 million of Sigma's indebtedness. The closing of the acquisition is subject to standard due diligence and applicable financial reporting requirements.
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