NEPTUNE, N.J., May 2, 2014 (GLOBE NEWSWIRE) -- Sterling Consolidated Corp. (OTCBB:STCC) (the "Company"), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, wanted to thank its shareholders for the support they have provided to the Company as well as to review the last year of activity.
The Company continues to execute its expansion plan to take advantage of the fragmentation of the o-ring industry throughout the United States by acquiring other companies in the marketplace. Since going public last year, the Company has completed the acquisition of RG Sales, Inc. in Western Pennsylvania and Superior Seals, Inc. in North Carolina. These acquisitions have added nearly $1 million to its projected top-line revenue and have expanded its 1-day delivery capability to now include the entire eastern seaboard.
The Company continues to negotiate with additional acquisition targets and currently has issued a term sheet to a northeastern o-ring distributor. Additionally, the Company is in preliminary talks with 3 other potential targets and plans to aggressively pursue other opportunities.
As one of the few public companies in the industry, Sterling is uniquely positioned to be the leader in consolidating the large number of smaller o-ring distributors throughout the country. The Company's stock has become a currency that it is using to self-finance these acquisitions. Additionally, the Company will continue to raise expansion capital through sale of stock utilizing its SEC-approved Equity Credit Facility.
Since going public, the Company has achieved the following milestones:
- Refinanced bank debt with a $1.25 million line of credit and $1.2 million mortgage
- Increased employees from 19 to 28
- Increased actual sales by 5.7% from 2012 to 2013
- Added two sales and inventory locations
- Expanded our production capabilities
- Nearly doubled the rent roll for our real estate properties
We look forward to continued growth. Thank you again for your support.
Sincerely,
Angelo DeRosa
Chairman of the Board
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.