ORLANDO, Fla., June 1, 2009 (GLOBE NEWSWIRE) -- Insight Management Corporation (OTCBB:ISIM) today provided additional details of the specific potential target companies it is seeking to acquire in the near term through its pending subsidiary, Microresearch Corporation (MCEA) of Orcutt, California.
Total revenue in 2008 for the aggregate potential target companies was $46.0 million, with net earnings of $13.6 million. Jennifer Rapacki, who will lead the combined companies, said, "Our unique platform for discovering and integrating ideal businesses affords us an advantage over other market participants. The assets with which we are in contact are attractive for a number of reasons, not least of which is the positive net income they provide. With the added diversification of revenue streams, we foresee continued growth based on a solid foundation."
Earlier this month, ISIM and MCEA announced a definitive merger agreement under which MCEA will become a subsidiary of ISIM and will be listed under the symbol ISIM.OB on Nasdaq's over-the-counter exchange and on Frankfurt's Deutsche-Borse. Microresearch President and CEO Jennifer Rapacki will lead Insight Management Corporation.
It was also previously announced that MCEA signed a contract on March 6th to purchase Rebel Testing, Inc. (RTI) of Gillette, Wyoming. Rebel, which has been in business for over eighteen years, employs twenty personnel and is a leading Rocky Mountain regional oil and gas service provider. RTI's 2008 revenues were $3.4 million, with 32% net profit. The company maintains a fleet of pump hoist trucks to service natural gas well pumps and services and pressure tests blow out preventers. Customers include, among others, two Fortune 500 oil and gas corporations.
Insight will provide technology, products, and services in the U.S. domestic oil and gas industry. Specifically, targeted acquisitions are involved in the industrial rig construction, welding and fabrication, and distribution of oil and gas products.
For more information, please contact Investor Relations at 866-787-3588
About Insight Management Corporation
Insight Management Corporation (ISIM) is a public holding company whose core business is focused in the oil and gas industry. The company has a strategic plan for growth through acquisition and functions from the perspective of an engineering firm. This is the nucleolus that directs what acquisitions are made and creates strategic alliances, develops proprietary technology and patents that bring the expertise and ultimately creates the real value for Insight Management. The Company expects to retain the strong management teams in each business unit, capitalizing on their local knowledge of competitors and operating climate, along with their loyal customer relationships.
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This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. ISIM has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates", "believes", "estimates", "expects", "plans", "intends", "potential" and similar expressions. These statements reflect the ISIM's current beliefs and are based upon information currently available to it.
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