STCC exciting news! Sterling Consolidated Anno

STCC exciting news!

Sterling Consolidated Announces Sale of Non-Strategic Cliffwood Beach, NJ Property


NEPTUNE, N.J., May 23, 2013 /PRNewswire/ -- Sterling Consolidated Corp. (OTCBB: STCC) (the "Company"), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, today announced that on April 29, 2013, its wholly owned subsidiary, ADDR Properties, entered into an agreement with Old Bridge Realty Partner, LLC (the "Purchaser") to sell its property in Cliffwood Beach, NJ. The purchase price of the property was $650,000 plus closing costs.

The property in Cliffwood Beach was Sterling Seal's former principal office and was being rented out by various tenants. The closing of the sale will allow the Company to retire nearly 50% of its secured debt, which includes both senior debt and its secured mortgage. Additionally, the major tenant, who contributed a majority of the rent revenue at the Cliffwood Beach property, has agreed to move its operations to the available, vacant space at the Company's Neptune, NJ facilities.

The foregoing sale is subject to the Purchaser's satisfactory due diligence and inspection of the Premises. The Purchaser is not affiliated with the Company or its advisors, and no material relationship exists between the Company and the Purchaser, except in connection with the Agreements.

Darren DeRosa, Chief Executive Officer of Sterling Consolidated, commented, "We are extremely excited about the progress we have been making over the last few months. The sale of this property, which was a non-strategic asset, allows us to retire nearly 50% of our secured debt, clearing our balance sheet of a substantial amount of our long-term liabilities. With this sale completed, we now look forward to forming our acquisition committee so we may begin our roll-up acquisition strategy within the highly fragmented O-ring distributor market."