ANAHEIM, Calif., Dec. 22, 2004 (PRIMEZONE) -- Gateway International Holdings, Inc. (Pink Sheets:GWYI) announced today that it has acquired Accurate Technology.
Accurate Technology operates in the Aerospace and Defense industries and specializes in the manufacture of precision metal systems. Accurate Technology has a diverse client base, including its two primary customers: Boeing and Toyota.
For fiscal 2004, Accurate Technology achieved revenues in excess of $3,500,000. Significant revenue growth is expected for 2005, demonstrated by a current backlog of orders totaling over $5,000,000.
The Accurate Technology acquisition was completed in an all stock transaction. The shares that were retired in November by officers of the company (Read prior press release: http://www.firstcapitalinvestors.com/newsmore.php?article=65) were used to fund the acquisition. Including the newly re-issued 12,000,000 shares, the total post-acquisition shares outstanding is 32,966,000.
Gateway International's CEO, Larry Consalvi, commented on the acquisition, "I am excited to add Accurate Technology to the Gateway International portfolio. Combined with Eran Engineering, Accurate Technology strengthens our overall precision manufacturing capabilities. Aerospace and Defense spending continues to strengthen and I believe that this new division will benefit from our existing customer relationships. With over $5,000,000 in the current backlog at Accurate Technology, combined with backlogs at our other subsidiaries, we are looking forward to another record year at Gateway International Holdings. We continue to work on other potential acquisitions and Accurate Technology is another positive step in the implementation of our growth strategy."
"SAFE HARBOR":
This press release may contain forward-looking statements. The words "estimate", "possible" and "seeking" and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.