SCOTTSDALE, Ariz., Jan. 7, 2010 (GLOBE NEWSWIRE) -- EGPI Firecreek, Inc. (OTCBB:EFIR) announced today that it has executed a binding Letter of Intent to acquire privately owned Traffic and Lighting Corp., a Georgia based corporation, which operates throughout the Southeast U.S.
Traffic & Lighting Corp. (TLC) has been in business since 1998 and currently generates nearly $10 million in annual revenues. They are a manufacturer's representative for a wide variety of products and inventory geared towards the DOT transportation industry. Their product range includes a wide variety of sign structures, decorative lighting, and traffic and light poles.
This latest anticipated TLC acquisition will vertically integrate alongside the Company's recently acquired South Atlantic Traffic Corp. (SATCO) and M3 Lighting, Inc. (M3) subsidiary unit divisions as well as help accelerate future anticipated growth in the Company's aggressive expansion into the DOT construction industry.
As previously reported, EGPI Firecreek's M3 division management have been pursuing acquisitions in DOT construction industry on Federal and State levels in order to expand the Company's related 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 the Company plans on providing.
Dennis Alexander, Chairman and CEO of EGPI Firecreek stated, "We feel very fortunate to have the advantageous ability to add Traffic & Lighting Corp. alongside our SATCO and M3 subsidiary operations. Over the last several months we have consistently proven our ability to successfully negotiate and acquire companies that have a proven track record of both success and profitability within their respective industry. He also stated, "We are especially excited with the current revamping of our oil and gas division and its latest acquisition. We are now developing and expanding our infrastructure to once again produce oil and natural gas. More importantly, we now are developing on our business model that we believe has shown exponential growth, diversification and valuation to the Company and its shareholders over the last several months. We are very excited and look forward to a promising 2010 as we continue to move forward with our aggressive growth campaign."
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc. has been 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. Other companies in the oil sector include, Exxon Mobil, Pantina Oil and Gas Inc., Frontier Oil Inc., and Cabot Oil & Gas Inc.
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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.