PLYMOUTH, Minn., Feb. 7, 2005 (PRIMEZONE) -- Heartland Inc. (OTCBB:HTLJ) this week announced the acquisition of Karkela Construction of St. Louis Park, Minn., a 21-year-old commercial construction company servicing the Minneapolis / St. Paul metropolitan area of Minnesota. This acquisition was completed in December 2004.
Based upon the unaudited financial records of Karkela Construction, Karkela had revenues of approximately $12 million for the 12 months ended Dec. 31, 2004 under the leadership of Larry Karkela, the founder of the company. Karkela Construction specializes in dental/medical, retail/office, multi-family, industrial, hospitality and places of worship. It has built over 500 medical clinics alone. In addition to new construction, Karkela also specializes in remodeling projects for existing businesses.
"Karkela Construction prides itself in providing its clients with the highest quality of workmanship, service and cost-effective performance. Heartland is pleased to have such a high-caliber company join our team," said Trent Sommerville, CEO of Heartland. "We feel that there is a tremendous market in commercial construction in the United States and Karkela Construction is the first entry into that market for Heartland."
About Heartland Inc.
(http://www.heartlandholdingsinc.com)
Heartland Inc. is a growing diversified holding company comprised of subsidiaries within several different and distinct industry segments. Revenue for the first nine months in 2004 was $5.7 million with a net income of $127,000. (However, due to several acquisitions which were completed in the last quarter of 2004 and pro forma for the completion of those transactions, Heartland's performance for the 12 months ended Dec. 31, 2004 would reflect approximately $49,763,380 in sales and approximately $327,837 in profits.) From heavy machining and fabricated steel products to specialized machinery to organic fertilizers and mulch, to commercial construction and builders of new homes, Heartland Inc. is developing broad product and service offerings to provide economic protection and growth opportunities for investors. More information is available by contacting Heartland by phone at 763-557-2900.
Forward-Looking Statements
Investors are cautioned that certain statements contained in this document as well as some statements in periodic reports and press releases as well as some oral statements of Heartland Inc. officials made during presentations about Heartland Inc. are considered to be "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include the words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by management, are all forward-looking statements as defined by the Act. Forward-looking statements are based upon current expectations and projections about future events and are subject to risks, uncertainties, and assumptions about Heartland Inc., its products, economic and market factors and the industries in which Heartland Inc. does business, among other things. These statements are not guarantees of future performance and Heartland Inc. has no specific intention to update these statements. More detailed information about those factors is contained in Heartland Inc.'s filings with the Securities and Exchange Commission.
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Tom Miller Heartland, Inc. 3300 Fernbrook Lane Suite #180 Minneapolis, MN 55447 PHONE. 763-557-2900 EMAIL: tommiller@moundtechnologies.com AVAILABLE MEDIA: Photo: Heartland Headquarters (size: 9.0 k) Heartland Office http://newsroom.eworldwire.com/media_uploads/heartland_hq.jpg Click for fullsize Photo: Heartland Logo (size: 2.0 k) Heartland Logo http://newsroom.eworldwire.com/media_uploads/logo.gif Click for fullsize Video Clip: Heartland & Karkela Construction (size: 1,800.0 k) Press Release Highlights http://newsroom.eworldwire.com/media_uploads/heartland_karkela_020305.wmv Click for fullsize