SCOTTSDALE, Ariz., Dec. 17, 2009 (GLOBE NEWSWIRE) -- EGPI Firecreek, Inc. (OTCBB:EFIR) is pleased to announce that it is currently in the final stages of its due diligence phase for the acquisition of SouthWest Signal Corporation (referred to as SWSC).
SWSC is engaged in all facets of the DOT construction industry. The Company, who has been in business since 2000 with several offices staffing approximately 50 employees, has created its market share of business throughout the Southern geographical region, and last year reported over $14 million in annual revenues.
Over the last 9 years, SWSG has 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 large Private Developers as well as city, county and state funded DOT projects.
Most recently, SWSC announced an increased sales backlog of 11.4 million dollars for 2009 through the execution and signing of three new contracts, including a new maintenance contract with the city of Tampa, Florida. This recent sales activity is further indication of the enhanced operations that EGPI is targeting in its acquisition strategy. The increased financial strength that these contracts provide to the respective acquisition targets also continues to solidify the Company's advantageous position in the DOT construction industry.
Additionally, EGPI's second acquisition target, a Georgia based electrical construction company, increased its total sales backlog to $12.2 million in 2009 through a signed contract with a general contractor that they have done business with previously. This acquisition is slated to be completed within the early part of the first quarter of 2010.
Dennis Alexander, Chairman and CEO, stated, "Collectively, these two acquisitions represent an additional 30 million dollars in revenues to EGPI Firecreek with a reported 23.6 million dollar backlog in sales going into 2010. We cannot stress the importance of these two companies with their solid reputations, additions to EBITDA and what it means to the growth and success of our newest line of business related to our acquisition of M3." He also stated, "We currently anticipate the acquisition of SouthWest to be finalized and completed before the end of this year."
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, alongside 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 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.
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.