ZENX PR just out! New purchase details below!
Press Release Source: Zenex International
Zenex International Signs an Asset Purchase Agreement with Minnesota Concrete Restoration Company
Monday April 10, 8:45 am ET
OKLAHOMA CITY--(BUSINESS WIRE)--April 10, 2006--Zenex International, (OTCBB: ZENX - News) a leading provider of commercial roofing, repair and maintenance work, as well as disaster recovery services today announced that it has signed an asset purchase agreement with Merit Construction Services, a privately held concrete restoration company in St. Paul, Minnesota.
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The Merit Construction acquisition is expected to add approximately $5 to $7 million in annualized revenue and be accretive to calendar 2006 earnings along with significant opportunities for growth. The purchase includes the hiring of all Merit construction employees, performance of all current contracts, as well as performance of contracts awarded but not yet started. Merit Construction President, Douglas Bruns, will become President of Aduddell Restoration Services; a newly formed division of Aduddell Roofing, Inc., Zenex International's wholly owned subsidiary. Financial terms of the transaction were not disclosed. The closing of the transaction is subject to customary closing conditions and is expected to close later this week.
According to Ron Carte, Chairman and chief executive officer of Zenex, "This acquisition supports our strategy to expand and strengthen the services provided by our core roofing business. Merit Construction is an established, leading provider of concrete restoration services and we are delighted to be able to bring Doug Bruns and his entire team into the Zenex family. We look forward to his contributions to the company."
About Zenex International
Zenex International, Inc. is the holding company of Aduddell Roofing, www.aduddell.com, one of the leaders in the commercial roofing industry nationwide. Through Aduddell Roofing and other subsidiaries, Zenex International offers Fortune 500 companies and large governmental agencies a broad range of roofing services, including re-roofing, restoration and repair, new roof construction, sheet metal fabrication, and waterproofing. In addition to work on large projects and high security roofing matters, the company has a nationally recognized track record for handling disaster recovery and emergency projects efficiently and cost effectively. More information about Zenex International can be found at www.zenex.net
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:-- This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
Contact:
Cameron Associates
John McNamara, 212-554-5485
john@cameronassoc.com
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Source: Zenex International
