CKEI NEWS:
ClickableOil Signs Agreement To Acquire Oil Company Assets That Will Add Approximately $1.6 Million In Annual Revenues
Clickable Enterprises, Inc. (OTCBB:CKEI), an Internet-based home heating oil company, announced today that its wholly owned subsidiary ClickableOil.com, Inc. signed a definitive agreement to acquire certain intangible assets of a New Jersey-based home heating oil distribution company that will provide ClickableOil with over 1,000 additional customers and other intangible rights.
The terms of the agreement consist of an all cash payment due at closing with the balance payable on the first anniversary of the closing date, based on a percentage of revenue derived from retained customers. The transaction, which is expected to close over the next 30 days, combined with ClickableOil's recent acquisition of Lorusso Oil, is projected to double revenue for the company's fiscal year ending March 31, 2006.
Nicholas Cirillo, Jr., President and CEO of Clickable Enterprises said, "We are excited to be announcing our latest asset acquisition, as it is consistent with our business strategy to expand our geographical presence in the Northeast." Cirillo explained, "It presents us with a nearly unbroken marketing territory stretching from Long Island through to Eastern Pennsylvania along the Route 80 corridor."
The asset acquisition will add approximately $1.6 million in annual revenue to the company while creating virtually no additional overhead.
"The volatile and higher-priced oil market is creating opportunities for companies like ours that can capitalize on the resultant disarray. ClickableOil will continue to expand and contribute new accretive business like this recent purchase, deals which concurrently will enable our presence in each new market area to organically expand within those areas," stated Cirillo.
About Clickable Enterprises, Inc.
Clickable Enterprises, through its wholly owned subsidiary, ClickableOil.com, Inc. is the first Internet-based home heating oil company. The Company leverages the Internet and proprietary order processing and pricing software to offer its customers well priced home heating oil in the New York metropolitan region, including Westchester and Long Island, and parts of New Jersey and Pennsylvania. ClickableOil specializes in price control, risk management, and product positioning, leaving the physical transportation of the product to specially chosen vendors. The company plans to continue to grow geographically throughout the entire northeastern region of the U.S. For more information, please visit www.clickableoil.com.
This release and oral statements made from time to time by the Company's representatives concerning the same subject matter may contain "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by introductory words such as "expects," "plans," "intends," "believes," "will," "estimates," "forecasts," "projects" or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and others of which are not. Known risks and uncertainties include those identified from time to time in the reports filed by the Company with the Securities and Exchange Commission, which should be considered together with any forward looking statement. No forward looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements.
MCC Financial Services
Leslie Richardson, 310-453-4667, ext. 239
ir@mccglobal.com
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