SARASOTA, Fla., Dec. 3, 2007 (PRIME NEWSWIRE) -- Kesselring Holding Corporation (OTCBB:KSSH) today announced that it has entered into a letter of intent for the proposed acquisition of a well-established and profitable Florida roofing company. In business for over 35 years, the roofing company has estimated annual revenues in excess of $9 million.
Kesselring Holding Corporation has completed a valuation of the roofing company and has reached an agreement with the company as to the acquisition price. Concurrently, the two companies are working through the structure and the timing of the transaction.
"As a part of our growth strategy, Kesselring Holding Corporation is committed to acquisition of companies that complement our core business model, which includes the restoration, renovation and reconstruction of commercial properties and construction products and building services companies," stated Douglas P. Badertscher, Chief Executive Officer of Kesselring Holding Corporation.
This acquisition is subject to final negotiation, execution of a definitive acquisition agreement, completion of legal and financial due diligence, Kesselring board approval, board and shareholder approval of the roofing company, funding and customary closing conditions. It is anticipated to close before the end of Kesselring Holding Corporation's second quarter, although we cannot provide any guarantee as to the timing of the closing or whether closing will occur at all.
Kesselring Holding Corporation, dedicated to restoring the luster to America's commercial buildings, is proud of the fact that its subsidiaries have been independently operating since 1948 in the areas of restoration, construction, aluminum products, cabinetry, woodworking, and door and hardware materials. These companies include: Kesselring Construction Corporation, King Brothers Woodworking Inc., and King Door & Hardware Inc. With offices in Florida and Washington State, the companies provide skilled experience, customized project management, and a reputation for quality and integrity. For more information about Kesselring Holding Corporation or any of its subsidiaries, please visit www.KesselringHolding.com on the Web or call 941-953-5774.
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"Safe Harbor" Statement under Private Securities Litigation Reform Act of 1995
Statements about the expected future prospects of our business, statements about our outlook for internal revenue growth in 2007 and 2008, and all other statements in this release other than historical facts, constitute forward-looking statements. You can identify forward-looking statements because they contain words such as "believes," "expects," "may," "will," "would," "should," "seeks," "approximately," "intends," "plans," "estimates," or "anticipates" or similar expressions which concern our strategy, plans or intentions. All statements we make relating to estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Some of the factors that we believe could affect our results include: conditions in the restoration, construction and building products industries, change in interest rates, the impact of severe weather on the Company's restoration and construction operations, the effect of governmental regulation on the Company and other factors described from time to time in our filings with the Securities and Exchange Commission. The factors described in this paragraph and other factors may affect our business or future financial results. We assume no obligation to update any written or oral forward-looking statement made by us or on our behalf as a result of new information, future events or other factors.