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| Exchange Disseminated Time | With reference to the news item appearing in leading news paper titled, "Snowman Logistics in Talks to Buy 2 Bengaluru Startups in Food Space", Snowman Logistics Ltd has Clarified to BSE as under:
"We would like to clarify that we had not made any announcement to media on any acquisition plans of the Company. As a routine we keep getting calls from the media as well as analysts and other investment professionals seeking information about the Company, its strategy and plans. During such interactions we take utmost care to ensure that no news or information which could influence our stock price is divulged to them. During a recent call from The Economic Times replying to a query on expansion, our CEO had made a general comment on the expansion strategy of the company. He opined that the best strategy for the Company would be to acquire start ups in the space of value added services and hence the company is constantly in the lookout for such opportunities.
While in the normal course of business we keep receiving proposals from prospective sellers. We found proposals from two Bangalore based companies, a good fit to our present business and have started evaluating the same. The proposals were received in October last year and the discussions are still in the initial stage of evaluation of the viability of the model. We are yet to start any negotiations on the price or commercials of the proposal. Other than a standard non-disclosure agreement, no other agreements or LOI have been signed with the parties.
Since the proposals are still in a discussion stage, with no confirmation that they would culminate into an acquisition, we have not made any disclosures to the exchanges. We had no intention to violate any rules and regulations set by you and we are happy to answer any further queries in this regard." |
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