Posted On: 11/15/2013 10:02:43 AM
Post# of 89322
$STCC has huge PM news!!! Sterling Consolidated Acquisition Committee Announces Continued Progress with Acquisition Targets
Company Issued Three Term Sheets to Prospective Targets, With Combined Revenues of Approximately $5 Million
http://online.wsj.com/article/PR-CO-20131115-...html?dsk=y
NEPTUNE, N.J., Nov. 15, 2013 (GLOBE NEWSWIRE) -- Sterling Consolidated Corp. (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.
Contact:
Communications Contacts:
Todd Fromer / Phil Carlson
KCSA Strategic Communications
Phone: 212-896-1215 / 212-896-1233
Email: tfromer@kcsa.com / pcarlson@kcsa.com
Company Info on OTC: http://www.otcmarkets.com/stock/STCC/company-info
Corporate Website: http://www.sterlingconsolidated.com/
Company Issued Three Term Sheets to Prospective Targets, With Combined Revenues of Approximately $5 Million
http://online.wsj.com/article/PR-CO-20131115-...html?dsk=y
NEPTUNE, N.J., Nov. 15, 2013 (GLOBE NEWSWIRE) -- Sterling Consolidated Corp. (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.
Contact:
Communications Contacts:
Todd Fromer / Phil Carlson
KCSA Strategic Communications
Phone: 212-896-1215 / 212-896-1233
Email: tfromer@kcsa.com / pcarlson@kcsa.com
Company Info on OTC: http://www.otcmarkets.com/stock/STCC/company-info
Corporate Website: http://www.sterlingconsolidated.com/
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