PLYMOUTH, Minn., Oct. 5, 2005 (PRIMEZONE) -- Delivering on its commitment to seek out and acquire promising companies into the Heartland Holdings Inc. (OTCBB:HTLJ) portfolio, Heartland announces it has entered into a binding agreement for purchase and sale of all outstanding issued stock shares with Ney Oil Company of Ohio owners Calvin Bergman, Lynn Bergman, Jerry Bergman, Barbara Vance and Marvin Bergman for $5,000,000.
Terms of the agreement include a payment at closing of $3,000,000, with the equivalent value of 1,333,300 common stock Heartland Holdings valued three business days before closing for greater than $2,000,000. In the event the value is less than $2,000,000, the number of stock tendered will be increased accordingly.
About Ney Oil Company
Ney Oil Company, (www.neyoil.com), a profitable company with annual sales in excess of around 47 million US Dollars, was originally founded in 1927. Ney Oil Company is located at 145 S. Water Street, Ney, Ohio. They are a multi-state fuel distributor operating in Ohio and Indiana specializing in wholesale and retail petroleum products, and convenience store operations. Ney Oil Company operates six convenience stores plus supplies around 30 independent locations.
About Heartland Inc.
A growing, diversified holding company, Heartland's subsidiaries span heavy machining and fabricated steel products to specialized machinery to organic fertilizers. Heartland's breadth of product and service offerings provides economic protection and growth opportunities for investors.
Information is available by calling 763-557-2900 or by e-mailing info@heartlandholdingsinc.com.
This press release contains certain 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 that involve risks and uncertainties. In addition, Heartland, Inc., a Maryland corporation, and its subsidiaries, may from time to time make oral forward-looking statements. Actual results are uncertain and may be impacted by many factors. In particular, certain risks and uncertainties that may impact the accuracy of the forward-looking statements with respect to revenues, expenses and operating results. As a result, actual results may differ materially from those projected in the forward-looking statement. Heartland's operating results and past financial performance should not be considered an indicator of future performance. Investors should not use historical trends to anticipate results or trends in future periods.
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