AUSTIN, TX, July 2 /PRNewswire-FirstCall/ - AGR Tools, Inc. (OTCBB-AGRT) ("AGR") is pleased to update its shareholders on the growth of the stocking dealership network of AGR's wholly owned subsidiary, AGR Stone & Tools USA, Inc. ("AGR USA"). As of June 30, 2010, AGR USA had contracts in place with 31 stocking dealers in 48 market territories that geographically cover over 25% of the United States. In total, AGR USA has divided the United States into 63 stocking dealerships that cover 121 market territories and service an estimated annual diamond tool market of $4 billion. AGR USA hopes to have all 63 dealerships allocated by the end of the 2012 calendar year.
"During the past year we exceeded our estimated growth of new stocking dealerships and now have coverage over 25% of the geographical United States. The number of networks of dealers grew 182% from 11 to 31 and our geographical coverage increased by 167% from 18 to 48 market territories," stated Rock Rutherford, the President and CEO of both AGR and AGR USA. "We have a total of 63 stocking dealerships available covering a total of 121 market territories and anticipate having contracts in place for all these dealerships by the end of 2012. We continue to add new dealers on a monthly basis. The U.S. diamond tool market is extensive and we are aggressively marketing and developing our dealership program and are beginning to reap the rewards. We recently announced the opening of a dealership in Oakland, CA, which completed our coverage of Northern California, and also opened a Northeastern Florida dealership. We are now focusing on the large key markets of Southern California, New York and the Central/Southern region of Florida, and we expect to have dealers selected for those areas later this year," concluded Mr. Rutherford.
About AGR Tools, Inc.
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AGR Tools, Inc. is a public company with its common stock quoted on the OTC Bulletin Board under the symbol AGRT and the Berlin and Stuttgart Stock Exchanges under the symbol LVSA.
About AGR Stone & Tools USA, Inc.
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AGR Stone & Tools USA, Inc. is a contract manufacturer and distributor of tools and accessories to the construction, building maintenance and demolition industries in the United States and Canada. It supplies more than 700 products through its stocking dealership network and web-site. The products include diamond based tools and adhesives and it specializes in producing consumable tools for the natural stone, engineered stone, concrete and masonry industries. Its goal is to provide its clients with superior quality products, excellent customer service and the most competitive prices in the diamond tool industry. The company has conducted extensive research and testing of its products, and uses the latest technologies to assure it is at the forefront of the diamond tool industry.
More information on AGR Stone & Tools USA, Inc. can be found at: www.agrtools.com
Forward-Looking Statements:
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Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See AGR Tools, Inc.'s filings with the United States Securities and Exchange Commission which may identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
SOURCE AGR Tools Inc.
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