SCOTTSDATE, Ariz., Nov. 17, 2009 (GLOBE NEWSWIRE) -- EGPI Firecreek, Inc. (OTCBB:EFIR) announced today that it has signed a letter of intent to acquire a privately owned electrical construction company (the "Company") based in Georgia and operating throughout the Southeastern United States. It is anticipated that this acquisition will continue to strengthen EGPI's vertical structure within the DOT construction industry that began with its M3 Lighting, Inc. subsidiary, followed by South Atlantic Traffic Corporation subsidiary unit. Noteworthy are significant synergies existing within EGPI's portfolio of already acquired companies including its potential acquisition candidates.
The Georgia based company, which was founded in 1993, created one of the most creditable reputations within the State of Georgia for outstanding support to customers and customer satisfaction by 1996. Today, they are one of the most comprehensive and competitive electrical contractors in the commercial and multifamily market within the Southeastern part of the United States. The Company provides commercial and residential services, currently averaging 2,000 units per year along with a multitude of multi-million dollar homes. They also offer a 24 hour service department that offers a dedicated commitment to excellence.
To date, EGPI Firecreek has been successful in completing every Letter of Intent it has signed this year. With two completed acquisitions under their belt, and two LOI's currently in the due diligence process, EGPI has demonstrated a consistent ability to find, sort and analyze potential acquisition targets while structuring, negotiating and completing technical acquisitions that have had a tremendous impact on its growth, operations, asset accumulations and shareholder value.
As previously reported M3 Lighting Inc. was acquired by EGPI Firecreek, Inc. now a part of its rapidly growing ITS division. M3 has been aggressively pursuing acquisitions for EGPI Firecreek's ITS division in the DOT construction industry on Federal and State levels in order to expand its sales for lighting, guardrail, cameras, traffic management/signalization, utility moves, variable message boards and other non-road construction opportunities, as well as its pursuit of light and traffic fixture manufacturing plants both domestically and abroad in China and India. Future acquisitions in the DOT construction industry are expected to provide a labor force for the maintenance and remediation services EGPI plans on providing. EGPI Firecreek also recently reported the final acquisition of SATCO, a well established 15 million dollar a year company that specializes in the supply and distribution of DOT related lights, intelligent traffic systems and equipment.
Dennis Alexander, EGPI Firecreek, Inc., Chairman and CEO, stated, "We are very impressed with this latest acquisition candidate and look forward to expeditiously completing the due diligence phase of the acquisition process so that we can add this wonderful company to our fast growing EGPI Firecreek ITS division." He also stated, "We have both the vision and foresight of being a major player in the DOT construction industry. Because we have proven our abilities to negotiate the very best acquisitions on behalf of our shareholders, close attention should be paid to our future announcements when dealing with our new and more aggressive acquisition campaign."
About EGPI Firecreek, Inc.
Before the decision to transition and embark on an acquisition strategy centered on the vertical integration of enterprises serving the DOT Construction and Intelligent Traffic System markets, thru its wholly owned subsidiary M3, Inc., EGPI Firecreek 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 thru 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. thru 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.