TAMPA, Fla., May 3, 2013 /PRNewswire/ -- Enviro-Serv Inc. (ESI) (OTC Pink: EVSV) Enviro-Serv Inc. today announces that both companies have agreed upon the valuation for acquisition of Air Systems Group (ASG) opening the door to commence and finalize Enviro-Serv's first acquisition.
Chris Trina, Chairman and CEO of ESI stated this, "This is extremely exciting and encouraging for both companies. After almost 3 weeks of performing due diligence since the April 16 th announcement of our letter of intent to acquire ASG much has been accomplished. Our team literally spent hours and hours sitting with the owners in their office going over their current financials and their expected future goals. Performing proper due diligence requires more than receiving bank statements and pro-formas," Trina stated. "To really understand and learn about a potential subsidiary candidate our team must be face-to-face with them often, having lunch and dinner, meeting wives or husbands and their family members, speaking to vendors and employees alike and looking over major contracts. We must become part of their family so to speak over a very short period of time to obtain that "warm and fuzzy" one must feel to partner up with a company" Trina explained. Trina further stated, "I think the most difficult task after the due diligence process is completed is agreeing on the valuation of the target company. All three partners of ASG unanimously voted in favor of our initial valuation which opened the door to completing our first acquisition at ESI which super exciting for our shareholder's." Trina ended by saying, "There is indeed more work to be done and some very important items to be further discussed to finalize this transaction; however the excitement level from both sides and the progress already made makes me believe we can wrap this up by late May."
Troy Tipton, Vice President of Operations at Air Systems Group quoted, "we are very excited to move forward with ESI in becoming a wholly owned subsidiary. The benefits of being part of a publicly traded entity are exciting at many levels."
About ESI
Enviro-Serv Inc. (OTCPK: EVSV) is a Tampa based corporation specializing in providing property maintenance services in geographically concentrated warm climate states. Through an aggressive acquisition strategy, the Company is building a portfolio of highly profitable enterprises that offer year round services such as pest control management, lawn and landscaping care, pool maintenance, air conditioning/refrigeration installation and repairs and a host of additional onsite maintenance offerings. Please visit their website at www.enviro-serv.com
About ASG
Air Systems Group (ASG) specializes in commercial refrigeration and air conditioning, providing superior customer achievements for all project sizes and needs. The company's installations, along with the scores of services provided have positioned ASG as a leading and inclusive contractor for today's construction projects. A testimony to their quality services can be seen in their client list which includes Circle K and Sunoco establishments. In addition to commercial Stores, ASG services restaurants, car dealerships, schools, strip centers, assisted living facilities, hotels, along with an assortment of commercial and residential applications. In addition to their service department, ASG directs a full commercial division that is responsible for the installation of ductwork, refrigeration coolers, kitchen hoods, ventilation and other related aspects of commercial and residential construction. Please visit their website at www.airsystemsservices.com
Forward-Looking Statements - This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause future results to differ materially from the forward-looking statements. You should consider these factors in evaluating the statements herein, and not rely on such statements. The forward-looking statements in this release are made as of the date hereof and Enviro-Serv Inc. undertakes no obligation to update such statements.
CONTACT:
Enviro-Serv Inc. – 813-975-7177
SOURCE Enviro-Serv Inc.
