NASV News .0025 National Automation Services, Inc.
Post# of 144498
NASV News .0025 National Automation Services, Inc. Announces Third New Acquisition
2012-06-01 06:00 ET - News Release
LAS VEGAS, NV -- (Marketwire) -- 06/01/12
Automation Services, Inc. ("NAS") ( www.nasautomation.com ) (OTCQB: NASV) (PINKSHEETS: NASV) today announced that they have entered into a Letter of Intent to purchase its third of several new acquisitions planned over the next 18 months.
The Bryan, Texas based Company signed an LOI to be purchased for a total of $12 million. This acquisition is estimated to add approximately $3 million in operating income to NAS' overall earnings.
Upon completion of due diligence, the Company plans to close escrow on the three Companies currently under LOI with NAS. We expect to begin closing procedures within the next quarter for all three acquisitions.
In the projection of closing these companies, NAS is projected to add approximately $17 million in gross revenues and up to 6 million in operating income. Jeremy Briggs, Principal Financial Officer of NAS, stated, "I am very pleased with the progress performed by our Acquisition Team. We have been working diligently for the past 9 months to secure the first three acquisitions. With additional prospective companies still in line to be reviewed, I am excited about our growth. I would like to thank my accounting staff on their continued work on our required SEC report filings while supporting the Acquisition Team's ongoing efforts."
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