RIG..LFWK working after hours...NEWS
LFWK and Sulja Brothers Building Supplies, Ltd. Announce Pre-Merger Financial Reports: Accelerated Timeline
Mar 13, 2006 9:59:00 PM
NASHVILLE, TN -- (MARKET WIRE) -- 03/13/06 -- LoftWerks, Inc. (OTC: LFWK) today announced that its merger with Sulja Bros. Building Supplies, Ltd., the primary distribution arm of Consultech Construction Management, Inc.'s Midwest operations, has accelerated its proposed timeline. Merger completion is expected to occur before March 24th, 2006.
Sulja Bros. will serve as the centralized and primary distributor of materials for all future projects. They recently posted earnings of $26M+ for fiscal year 2005 netting $2.4M. They currently have assets totaling more than $25M. This information will be available in detail as is practical according to an LFWK spokesperson, who also relayed that the financial reports' disclosure was forthcoming prior to finalizing the merger at Consultech's request.
It is projected that once Sulja Bros. settles into its new role, revenues should reach $200M annually within a twenty-four month period.
The full report of Sulja Bros.' financials will be posted at www.suljabros.com by March 17th, 2006.
LFWK's Ammerman stated, "The merger is coming into place, and we remain dedicated to increasing shareholder value through sound business decisions." Shortly after the merger completion with Consultech's Sulja Bros., LFWK will complete its merger with Consultech Construction Management. Inc.'s Midwest office.
This contains forward-looking information within the meaning of The Private Securities Litigation Act of 1995. Forward-looking statements may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain acts (such as "may," could," "should" or "might occur"). Such forward-looking statements involve certain risks and uncertainties. The actual results may differ materially from such forward-looking statements. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or implied) will not be realized.
