SCOTTSDALE, Ariz., Nov. 19, 2009 (GLOBE NEWSWIRE) -- EGPI Firecreek, Inc. (OTCBB:EFIR), centered on two lines of business including vertical integration of enterprises serving the DOT Construction and Intelligent Traffic System markets as well as the oil and gas production industry, announced that it has signed a $15 million equity line with Kodiak Capital Group, LLC of New York City.
Under the terms of the agreement, EGPI may elect to receive as much as $15 million from Kodiak in common stock purchases over the next three years.
Dennis Alexander, Chairman and CEO of EGPI said, "We selected Kodiak to invest in our company as they understand our business and growth strategy. Kodiak is an ideal financial partner to provide us with requisite capital for both short and medium term as well as opportunistic financing for acquisitions. This is a major milestone in the progress and future of EGPI." Mr. Alexander further stated, "We would like to thank Wakabayashi Fund, LLC. for helping to facilitate and place this financing. Wakabayashi Fund, LLC. is a private equity and consulting firm based out of Tokyo and New York that helps facilitate institutional funding and market awareness for publicly traded companies."
About Kodiak Capital Group, LLC
Kodiak Capital Group, LLC is engaged in assisting growth companies in all facets of their long term strategy by providing capital and progressive business solutions. Kodiak manages a portfolio of investments in public and private equities. Founded in 2009, Kodiak has already transacted in excess of $100 million in financing for companies across a multitude of industries including biotechnology, business services, consumer products, defense, healthcare, Internet, manufacturing, medical devices, natural resources, oil and gas, renewable energy and wireless communications. Headquartered in New York City, Kodiak has assisted companies throughout North America and Australia.
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.
The EGPI Firecreek, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6259
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.