NEPTUNE, N.J., Oct. 30, 2013 (GLOBE NEWSWIRE) -- Sterling Consolidated Corp. (OTCBB:STCC) (the "Company"), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, today announced that its Acquisition Committee (the "Committee") has accelerated the negotiations of its next acquisition target as the Company looks to further consolidate the highly fragmented O-ring distributor market. Following the Company's initial acquisition of Superior Seals and Service, the Committee has increased its efforts as Sterling continues to position itself as a growing and leading supplier of hydraulic and pneumatic seals.
The Acquisition Committee has expanded its target list that includes potential strategic companies to be acquired in the following states:
- Florida
- New Jersey
- Pennsylvania
- West Virginia
Darren DeRosa, Chief Executive Officer of Sterling Consolidated, commented, "With our first acquisition completed, sooner that expected, we are continuing to execute on our business plan. We are aggressively structuring deals with additional O-ring distributors that will help expand Sterling's footprint. We have targeted several regionally strategic and well run companies along the East Coast, as we are intent on rapidly growing our Company."
The Committee continues to perform due diligence on several candidates as it looks to strategically incorporate companies that will help further Sterling's business strategy and increase shareholder value. Sterling will continue to provide updates as it nears and completes additional acquisitions.
About Sterling Consolidated Corp.
Sterling Consolidated Corp., through its wholly-owned subsidiary, Sterling Seal and Supply has been a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for more than 40 years. Through a combination of leveraging its logistical expertise and sophisticated, experienced management, the company intends to be an active and strategic consolidator of small- and mid-sized businesses within the highly-fragmented, multi-billion dollar seal industry. Currently serving more than 3,000 customers, Sterling offers acquisition targets a unique growth opportunity and competitive advantage through logistical expertise, strong regional branding and industry-specific distribution centers.
Forward-looking Statements
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.