NNCO hit the link to see whom red alert is.WOW.Nannaco Acquisition Target, Red Alert Group, Nears
redalertgroup.com
Nannaco Acquisition Target, Red Alert Group, Nears Completion of 1.38 Million Euro Security Contract
PR Newswire - April 15, 2004 10:30
SAN ANTONIO, Apr 15, 2004 /PRNewswire-FirstCall via COMTEX/ -- Nannaco, Inc. (OTC Bulletin Board: NNCO), which announced on March 29 that it has entered into a letter of intent to acquire Red Alert Group, Inc., today announced that Red Alert Group's subsidiary, Red Alert Group International, BV, has completed approximately 80% of its contract to design, implement and monitor security at the CCF building in Frankfurt, Germany. The CCF building is home to the Frankfort Stock Exchange. The contract was signed earlier this year, and completion appears to be slightly ahead of schedule. The contract calls for a payment to Red Alert of 1,380,000 Euros (approximately $1.5 million).
Red Alert Group primarily provides solutions for Homeland Security, Cyber Security, and Private Military Security. The firm is active in Counterterrorism -- creating measures, procedures, and training as well as mitigation and recovery strategies. Red Alert Group operates in the US from its headquarters in Atlanta and its government office in Washington. Red Alert Group International BV, in The Hague, and Red Alert Group Pte. Ltd., in Singapore are wholly-owned subsidiaries, and the company has a representative office in Kuwait.
Dr. Timothy A. Holly, CEO of Red Alert Group said, "It is gratifying that we have substantially completed the work on the CCF building. Our success on this project will be further demonstration of Red Alert Group's ability to execute in this arena."
Steven Careaga, CEO of Nannaco, Inc. said, "I believe that Red Alert's work on the CCF building demonstrates that Nannaco's decision to enter the Security Industry by acquiring Red Alert is well founded. We are excited about moving forward with this acquisition."
Nannaco, Inc. will receive no revenues or benefits, economic or otherwise, from the CCF contract referenced herein unless and until the acquisition of Red Alert Group is completed. The proposed transaction is subject to customary closing conditions, including due diligence, execution of a Definitive Agreement and approval by the respective Board of Directors (and, to the extent required by applicable law, shareholders). There can be no assurance that the transaction will be completed.
Nannaco, Inc., previously provided surface cleaning, surface protection, surface restoration, and other services to commercial and industrial businesses, as well as to owners of historical buildings. The Company has moved to a new line of business as a consultant and advisor to customers and is seeking to improve it financial position through the acquisition of or merger with companies capable of providing the best value to its shareholders.
More information about Nannaco, Inc. can be found at www.sec.gov and on Red Alert Group, visit its website at www.redalertgroup.com .
This press release may contain "forward-looking statements." In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. Changes in the circumstances upon which we base our predictions and/or forward-looking statements could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things: (1) our limited operating history; (2) our ability to pay down existing debt; (3) our ability to retain the professional advisors necessary to guide us through our corporate restructuring including, but not limited to, our contemplated transaction with Windham Resources, Inc.; (4) the risks inherent in the investigation, involvement and acquisition of a new business opportunity; (5) unforeseen costs and expenses; (6) potential litigation with our shareholders and/or former or current investors; (7) the Company's ability to comply with federal, state and local government regulations; and (8) other factors over which we have little or no control.
For further information, please contact Steve Careaga at 253-853-3632, or send correspondence to 7235 North Creek loop, Gig Harbor, WA 98335.
SOURCE NANNACO, Inc.
Steve Careaga of NANNACO, Inc., +1-253-853-3632
/Website: sec.gov
redalertgroup.com
(NNCO)
Copyright (C) 2004 PR Newswire. All rights reserved. |
