WILMINGTON, N.C., Sept. 9, 2013 (GLOBE NEWSWIRE) -- Global Earth Energy, Inc. (OTCQB:GLER) partner HAWK Manufacturing (HAWK) continues to work on reaching acquisition agreements with four businesses in three states. These businesses had combined 2012 annual revenues of $27 million and 2012 annual EBITA profits of $4 million. Expecting to close these acquisitions before the end of 2013, HAWK anticipates using existing financial facilities of more than $10 million to close on these transactions.
The acquired companies will be announced upon successful closing and transition of management teams, a confidentiality agreement remains in place until then.
These businesses are diverse in geography and operations, includes oilfield services to both the Permian Basin and Eagle Ford oil ranges with "Master Service Agreements" in-place with major oil production companies.
GLER further reports that In addition to HAWK's intended direct services to the oil field sector, including drilling services, and transportation services, HAWK is working to acquire a company that makes products for industrial food distribution.
HAWK reported to GLER that it is working with the various state and local agencies to expand operations and bring new employment to the areas; HAWK is negotiating incentives at the state and local level that could total more than $17 million in tax incentives and other benefits.
GLER believes that HAWK intends to use existing credit facilities for more than $10 million to complete this transaction and similar transactions going forwards, and intends to work with various states and local governments and finance authorities on tax incentives, and direct benefits that could top more than $40 million over the life of the company.
Hawk Manufacturing is a privately held corporation looking to complete a roll-up of the plastics and metals manufacturing industries. The objective of Hawk is to combine several metals and plastics fabrication businesses under a single operating company in order to achieve the following:
- Expand current operations through strategic capital and other resource infusions
- Diversify current operations by leveraging acquisition customer codes and relationships
- Leverage customer relationships with companies like Delta Airlines, US Airways, John Deer and others to generate additional business.
- Increase geographic coverage by launching satellite operations
- Leverage synergies across all operations through purchasing economies of scale, consolidation of support operations, and other resource sharing
For more information about Global Earth Energy please contact Rich Kaiser, YES INTERNATIONAL, Business Consultant, 757-306-6090.
For more information about Hawk Manufacturing, please contact John M. Ragsdale, CEO, Hawk Manufacturing at 515-230-8076.
This news release contains forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements.