Stronghold Hawaii Closes First Sixty Days of Field Operations With Strong Results
Wednesday March 21, 9:30 am ET
Sales to Private Sector Clients Create Strong Revenue and Positive Cashflow
SANTA MONICA, CA--(MARKET WIRE)--Mar 21, 2007 -- Stronghold Industries, Inc. (Other OTC:SGDS.PK - News) today provided its shareholders with an update on the status of its joint venture operation on the Island of Oahu in the State of Hawaii.
In a presentation to a small investor group held at 6:00pm PDT on March 20, 2007, Barry Jahn, President of Stronghold Industries - Hawaii Inc. said: "...We recently received all licenses from the State of Hawaii and have qualified as a subcontractor to the U.S. Navy for government housing projects. We are actively involved in various stages of planning or prequalification with two major contractors for HVAC projects comprising 102, 129, 128 and 168 units. We believe that we are well qualified and capable of providing the quality workmanship required by the U.S. Government, and continue to work closely with Contractor personnel to progress through the final qualification processes.
"We have also begun field operations in the private sector, and are very pleased with our initial success in this market. During our first 60 days as a licensed HVAC contractor, we have generated approximately $100,000 in revenue, and have been cashflow positive from day one.
"We are also preparing to begin a 55 unit installation on the East Shore of Oahu for an institutional client in the private sector, and expect to receive a formal contract for that project before they break ground. It has been an extremely productive year so far, and we believe this is just the tip of the iceberg. We see many opportunities in the Hawaiian Islands and feel the future is bright for our operation..." added Jahn.
In related news, Stronghold also announced the termination of its Letter of Intent to acquire L.A. Heating & Air, which was originally announced on October 9, 2006. After much consideration, management concluded that optimal integration of the companies could not be achieved. The existing strategic relationship with L.A. Heating has been maintained, and the termination of merger discussions was completely amicable.
About Stronghold Industries, Inc.
Stronghold, a CorpHQ (Other OTC:COHQ.PK - News) portfolio company, provides end-to-end premium intelligent home solutions to its rapidly growing client base in the most affluent areas of Southern California. Through a horizontally integrated strategy encompassing a wide range of technologies and disciplines, Stronghold is positioning itself as a leading supplier of premium home technologies and services.
Forward-Looking Statements
Any statements made in this press release that are not based on historical facts are "forward-looking statements," as such term is defined in the Private Litigation Reform Act of 1995. Although such statements are based on management's current estimates and expectations, and currently available competitive, financial, and economic data; forward-looking statements are inherently uncertain. We, therefore, caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our 2005 Voluntary Annual Report, and in particular the discussions contained under "Risk Factors."
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