Company Changes Name to Precision Standard
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Pemco Engineers, a Stanton aircraft parts maker, has been acquired by a publicly traded Colorado firm and has changed its name to Precision Standard Inc.
P. R. Ink Inc., a publicly owned shell corporation in Englewood, Colo., acquired Pemco in December in a so-called reverse acquisition that left Pemco as the surviving entity. The deal also enabled the manufacturer of aircraft cargo loading equipment to become publicly traded without having to go through the lengthy process of an initial public offering.
In acquiring 32-year-old Pemco, the defunct P. R. Ink issued 10.7 million restricted common shares to the company’s president and principal owner, Matt Gold.
Pemco’s sales for its fiscal 1986 ended April 30 were $5.4 million and its net income was $857,996.
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