NEWS OUT! ✪✪ Sterling Consolidated Issues a Definitive Term Sheet ✪✪
Company Issued Term Sheet to Large, Regional Distributor With Revenues Over $2 Million
http://finance.yahoo.com/news/sterling-consol...00265.html
NEPTUNE, N.J., May 7, 2014 (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 a term sheet to a NJ distributor with annual revenues of more than $2 million. This target company is profitable and well-established in the marketplace with a rich 50-year history and includes a highly skilled engineering department.
This potential acquisition carries much synergy to the Company's business model, and would allow the Company to consolidate occupancy and operations with Sterling's headquarters in Neptune, New Jersey. In addition to new domestic and international customers, the synergies would provide significant operational cost savings. Sterling's management is currently negotiating with the target company to finalize the basic terms of the Agreement.
Darren DeRosa, Chief Executive Officer of Sterling Consolidated, commented, "Our Acquisition Committee continues to negotiate with the most likely candidates for acquisition. We continue to monitor cash flow and use current proceeds of recent financings to complete our acquisitions."
The estimated closing date is September 15, 2014.
Company Issued Term Sheet to Large, Regional Distributor With Revenues Over $2 Million
http://finance.yahoo.com/news/sterling-consol...00265.html
NEPTUNE, N.J., May 7, 2014 (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 a term sheet to a NJ distributor with annual revenues of more than $2 million. This target company is profitable and well-established in the marketplace with a rich 50-year history and includes a highly skilled engineering department. This potential acquisition carries much synergy to the Company's business model, and would allow the Company to consolidate occupancy and operations with Sterling's headquarters in Neptune, New Jersey. In addition to new domestic and international customers, the synergies would provide significant operational cost savings. Sterling's management is currently negotiating with the target company to finalize the basic terms of the Agreement.
Darren DeRosa, Chief Executive Officer of Sterling Consolidated, commented, "Our Acquisition Committee continues to negotiate with the most likely candidates for acquisition. We continue to monitor cash flow and use current proceeds of recent financings to complete our acquisitions."
The estimated closing date is September 15, 2014.
