LGM Co., Ltd. Heading Towards IPO
Appoints the largest underwriter in Korea
SEOUL, SOUTH KOREA / ACCESSWIRE/ August 7, 2017 / LGM Co., Ltd. (“LGM” or the “Company”), a majority-owned subsidiary of Leo Motors Inc. (OTCQB: LEOM) has appointed underwriters for a potential initial public offering (IPO) to take place in the fourth quarter of 2018, the Company’s president, Jun Hee Won, said last Friday.
The Company appointed Mirae Asset Daewoo as underwriters for the upcoming IPO projected to take place in 2018. LGM president, Jun Hee Won, said “the Company is seeking to raise up to $50 million from the IPO, but that figure is still subject to approval from shareholders.” “We hope to list on the KOSDAQ [Korea Stock Exchange] by November 2018,” he said.
Won said the company will use the IPO proceeds for business expansion, including market development in Korea, China and America, and manufacturing facilities. LGM is also seeking a strategic partnership with international investors and boat part distributors to expand its business.
This press release includes “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. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “intends,” “anticipates,” “will,” or “plans” to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company’s reports and registration statements filed with the Securities and Exchange Commission.