SEATTLE, June 10, 2009 (GLOBE NEWSWIRE) -- SARS Corporation (Pink Sheets:SARO) ("SARS" or "Company") has executed a letter of intent and a mutual agreement on the terms of an asset purchase agreement (the "APA") with T.A. Brinkoetter & Sons, Inc., a Delaware corporation ("TAB"). TAB specializes in industrial, residential and commercial HVAC systems, as well as plumbing, piping and necessary fixtures. SARS' contemplated acquisition of TAB's assets will be pursuant to a U.S. Bankruptcy Code Section 363 Sale (the "363 Sale"), by an Illinois U.S. Bankruptcy Court. SARS and TAB intend to execute the definitive APA upon Bankruptcy Court approval and the closing is to occur at the 363 Sale.
Geoff Meagher, Interim CEO of SARS states: "We're excited to further add to the growing platform of capabilities of SARS. This acquisition opportunity will enhance our already broadened reach into the facilities monitoring and controls marketplace." Said Frank Bonadio, incoming Chief Executive Officer of SARS: "We expect that TAB's assets will enhance our ability to succeed in the systems installation and monitoring business."
About SARS
SARS is an asset management and control systems contracting and services company, providing design and sales, installation services, and monitoring software to building owners and operators. The company provides the highest quality products, timely installation and service, and industry-leading Web accessibility, allowing customers to see and act on vital systems information from more places than most other systems have access to. This high level of visibility means faster problem resolution, maintaining occupant comfort and minimizing deviations from energy saving strategies.
The SARS Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5966
About T.A. Brinkoetter & Sons, Inc.
T.A. Brinkoetter & Sons, Inc. ("TAB") provides services for industrial, residential and commercial HVAC systems as well as plumbing, piping and necessary fixtures. TAB has grown from a small local business doing residential and basic commercial plumbing and heating projects to servicing large commercial and industrial customers. TAB, a union trade contractor operates a large fabrication facility using automated high-tech equipment to handle virtually any size fabrication job. The TAB fabrication shop utilizes the latest sheet metal equipment to ensure quality & efficiency. www.tabrinkoetter.com.
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Safe Harbor Statement
This Press Release may contain forward-looking statements generally identified as such because the context of the statement will include the words such as SARS "expects," "should," "believes," "anticipates" or words of similar import. Forward-looking statements are subject to certain risks and uncertainties including the financial performance of which could cause actual results, performance or achievements of SARS to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
This Press Release does not constitute or form any part of any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for any securities in any jurisdiction, nor shall it (or any part of it) or the fact of its distribution form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment therefore.
"Forward-looking statements," defined in Private Securities Litigation Reform Act of 1995, may be included in this press release. These statements relate to future events and/or our future financial performance. These statements are predictions and may differ materially from actual future events or results. SARS disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. Refer to the documents filed by SARS with the SEC, which identify risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with our ability to (i) increase revenues, (ii) obtain profitability, (iii) obtain additional financing, (iv) react to actions of our competitors, (v) develop new services and markets for our services, remain in compliance with regulatory rules and regulations and to integrate such services with the products and services of our co-joint ventures and (vi) foresee and make necessary changes to our business strategies.