To: Keiko who wrote (26 ) 7/15/1998 9:59:00 AM From: Tom Drolet Read Replies (1) | Respond to of 74
Keiko: Its out-- a goodie. Tom D. Wednesday July 15, 7:53 am Eastern Time Company Press Release SOURCE: Infrastructure Technologies, Inc. Infrastructure Technologies, Inc. Enters into Agreement to Acquire Major Southwest Underground Service Contractor with Reported 1997 Revenues in Excess of $43 Million PITTSBURGH, July 15 /PRNewswire/ -- Infrastructure Technologies, Inc. (OTC Bulletin Board: ITXX - news) announced today that as part of its recently announced strategy to consolidate the underground pipe rehabilitation industry, the Company has entered into an agreement to acquire a substantial underground service contractor located in the Southwest for a combination of cash and stock. The completion of the transaction, which is subject to financing, is expected to close during the 3rd quarter of 1998. Mark A. Smith, Infrastructure Technologies' Chairman/CEO stated, ''The acquisition candidate has a current backlog in excess of $50,000,000 and is projecting revenue of $68 million over the next 12 months. The addition of our proprietary ThermoSeal(TM) system will have a significant positive impact on the bottom line of this company and all future acquisitions. With this transaction complete, we plan to aggressively pursue other targeted acquisition candidates. The industry in which Infrastructure Technologies operates is highly fragmented and is a prime candidate for consolidation.'' Infrastructure Technologies, Inc. through its wholly owned subsidiary, Henman Pipeline Systems, Inc., owns the exclusive rights to utilize the ThermoSeal system of trenchless underground pipeline rehabilitation. SOURCE: Infrastructure Technologies, Inc. --------------------------------------------------------------------------------