Sterling Consolidated Acquisition Committee Announces Continued Progress with Acquisition Targets
15 Novembre 2013 - 2:00PM
Sterling Consolidated Corp. (OTCBB:STCC) (the
"Company"), a leading supplier of hydraulic and pneumatic seals to
the automotive and industrial marketplace, today announced that its
Acquisition Committee has issued three term sheets to prospective
targets, whose revenues combine for approximately $5 million.
The acquisition targets are strategically located in regions
throughout the east coast – from the Northeast to Florida – and
would provide the Company with additional domestic and new
international customers. Given the Company's recent closing of
$2.45 million in senior bank debt, Sterling's management feels
confident these term sheets can go directly to definitive
agreements upon close of negotiations with minimal dilution.
Darren DeRosa, Chief Executive Officer of Sterling Consolidated,
commented, "Our Acquisition Committee has done an excellent job of
narrowing down our extensive target list so that we can focus on
negotiations with the most likely candidates for acquisition. We
have offered favorable terms to the prospective targets and for the
Company, and believe we can close on these acquisitions over the
coming months. Upon closing, the combined revenues from the
acquisitions would provide approximately $5 million to our top line
and provide further validation of our roll-up strategy."
About Sterling Consolidated Corp.
Sterling Consolidated Corp., through its wholly-owned
subsidiary, Sterling Seal and Supply has been a leading supplier of
hydraulic and pneumatic seals to the automotive and industrial
marketplace for more than 40 years. Through a combination of
leveraging its logistical expertise and sophisticated, experienced
management, the company intends to be an active and strategic
consolidator of small- and mid-sized businesses within the
highly-fragmented, multi-billion dollar seal industry. Currently
serving more than 3,000 customers, Sterling offers acquisition
targets a unique growth opportunity and competitive advantage
through logistical expertise, strong regional branding and
industry-specific distribution centers.
Forward-looking Statements
This release contains statements that constitute forward-looking
statements. 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 the Company, its directors or its officers with
respect to, among other things: (i) the Company's financing plans;
(ii) trends affecting the Company's financial condition or results
of operations; (iii) the Company's growth strategy and operating
strategy; and (iv) the declaration and payment of dividends. The
words "may," "would," "will," "expect," "estimate," "anticipate,"
"believe," "intend," 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 the Company'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.
CONTACT: Communications Contacts:
Todd Fromer / Phil Carlson
KCSA Strategic Communications
Phone: 212-896-1215 / 212-896-1233
Email: tfromer@kcsa.com / pcarlson@kcsa.com
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