SCOTTSDALE, Ariz., Oct. 5, 2009 (GLOBE NEWSWIRE) -- EGPI Firecreek, Inc. (OTCBB:EFIR) announced today the signing of a letter of intent to acquire a privately owned signalization, intelligent traffic systems and lighting company (the "Company") based in Florida and servicing the southeast United States.
The Company is engaged in all facets of the DOT construction industry. Over the last 9 years they have created and managed an experienced group of office and field personnel that specialize in the expertise of Signalization, Lighting, Signing and Intelligent Traffic Systems. The Company has also worked with many large retailers i.e., Walmart, Lowes and Home Depot, in addition to several Private Developers, as well as City, County and State funded DOT projects.
This acquisition meets with EGPI Firecreek, Inc.'s strategic plans and objectives for building vertical growth and diversified revenue streams through the acquisition of similar companies that are related in the deployment and sales of Intelligent Traffic Systems throughout the Southeastern parts of the United States. The Company, who has been in business since 2000 with several offices staffing approximately 50 employees, has created its market share of business throughout this geographical region, and last year reported over $14 million in annual revenues.
SATCO Acquisition Update
As previously reported, EGPI Firecreek, Inc. announced the signing of a binding Letter of Intent to acquire South Atlantic Traffic Corporation. To date, EGPI Firecreek, Inc. is pleased to announce that all due diligence phases have been completed, and is expecting the final completion of SATCO's audited financials within the next 30 days, in order to move into a Definitive Agreement and finalize the acquisition. SATCO, who has been in business since 2001 and has several offices throughout the Southeastern United States, reported nearly $15 million in annual revenues for 2008. SATCO's products range from traffic signal equipment, traffic and light poles, and data/video systems for ITS surveillance systems.
Dennis Alexander, Chairman and CEO of EGPI Firecreek, Inc., stated, "This is a very exciting time for EGPI Firecreek, Inc. and its M3 subsidiary. Whereas many businesses have had to consolidate and cut their revenue base, we have strategically placed ourselves in a position where we now have the potential and ability to show exponential growth, strong revenue streams and diversification in the marketplace. We look forward to finalizing these two acquisitions expeditiously and adding their current revenues and ProForma numbers to our balance sheet." He also stated, "Although we have dedicated a tremendous effort in the success of our M3 subsidiary, we are still aggressively looking to increase our diversification into the energy market by initiating our oil drilling program in anticipation of the eventual spin-off of the wholly owned subsidiary Energy Producers, Inc. to our shareholders. We anticipate positive results from our project financing efforts and expect future updates pertaining to our commitment to, once again, become an oil producing company."
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc. before the decision to transition to embark on an acquisition strategy centered on the vertical integration of enterprises serving the DOT Construction and Intelligent Traffic System markets, through its wholly owned subsidiary M3, Inc., was historically focused on oil production with an emphasis on acquiring existing oil fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories on an international basis through the wholly owned subsidiary Energy Producers, Inc. ("Energy Producers"). EGPI Firecreek, Inc. is also looking to expand into Alternative energy sources as well as industries in the energy field. Other companies in the oil sector include, Exxon Mobil, Pantina Oil and Gas Inc., Frontier Oil Inc., and Cabot Oil & Gas Inc. through Energy Producers as well.
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Safe Harbor
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 EGPI Firecreek, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" 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 EPGI Firecreek Inc.'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. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreek, Inc.'s filings with the Securities and Exchange Commission.