Thursday, March 22, 2007 2:45:31 PM
SOSI to acquire company with $3,000,000 IN ANNUAL REVENUE!
http://biz.yahoo.com/prnews/070308/nyth104.html?.v=89
Press Release Source: Somerset International Group, Inc.
Somerset International Group, Inc. Announces Acquisition Letter of Intent
Thursday March 8, 11:53 am ET
BEDMINSTER, N.J., March 8 /PRNewswire-FirstCall/ -- Somerset International Group, Inc. (OTC Bulletin Board: SOSI - News) announced today that it has entered into a letter of intent to acquire 100% of the stock of a company that specializes in the distribution, sale, installation and maintenance of commercial fire and security equipment and systems that include fire detection, video surveillance, and burglar alarm equipment. There are two divisions with similar product availability from distinct manufacturers which affords the opportunity to provide a wide array of client specified equipment with the flexibility to offer cost effective alternates when appropriate.
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Unaudited revenues for the entity for the calendar year ended 2006 were approximately $3,000,000.[/B] The purchase price is one million seven hundred thousand dollars ($1,700,000) to be paid through a combination of cash, notes, and common stock. For the purchase price, the seller will deliver, at closing and subject to purchase price adjustments, seven hundred twenty-six thousand dollars ($726,000) of twelve months trailing earnings before interest, taxes, depreciation, amortization, and owner expenses, as well as net current assets (defined as current assets minus total liabilities) of seven hundred and ten thousand dollars ($710,000). The closing is subject to customary due diligence, approval by both parties of a Definitive Agreement as well as receipt of audited financial statements from the company and Somerset International Group obtaining satisfactory financing to complete the transaction. No assurance can be given that this acquisition will be consummated.
"I'm pleased about the prospect to expand our product line at this time," commented John X. Adiletta, President of Somerset International Group. "This will more than double our revenue base and move us closer to profitability on a consolidated basis. In addition, there are potential cross selling opportunities between this acquisition and our existing portfolio company, Secure System, Inc. that should accelerate the growth of both companies," he added.
About Somerset International Group, Inc.
Somerset International Group, Inc. (http://www.somersetinternational.com) finds undervalued technology investments aligned around the exponential growth in concern and demand for security and the acquisition of profitable and near term profitable private small and medium sized businesses that provide proprietary security products and solutions for people and enterprises -- from personal safety to information security. Somerset International Group, Inc., formerly known as ORS Automation, Inc., was incorporated in 1968 and is based in Bedminster, New Jersey.
About Secure System, Inc.
Secure System, Inc. (http://www.securesysteminc.com) provides personal alarm systems, wireless transmitters and receivers, and personal alarm locators. The company currently serves colleges and universities and medical and mental health facilities. Its products are also easily adaptable for office campuses, residential facilities, and correctional facilities. The system works by providing an individual with a wireless personal alarm locater with which they can summon help and be located by the pressing of a button.
Statements about our future expectations are "forward-looking statements" within the meaning of applicable Federal Securities Laws, and are not guarantees of future performance. When used herein, the words "may," "will," "should," "anticipate," "believe," "appear," "intend," "plan," "expect," "estimate," "approximate," and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties inherent in our business, including those set forth under the caption "Risk Factors" in our most recent Registration Statement on Form SB-2 dated December 6, 2006 filed with the SEC and other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.
L.G. Zangani, LLC provides financial public relations service to the Company. As such L.G. Zangani, LLC and/or its officers, agents and employees, receives remuneration for public relations and or other services in the form of monies, capital stock in the Company, warrants or options to purchase capital in the Company. The full disclaimer can be read here at http://www.zangani.com/disclaimer.
Contact:
Leonardo Zangani
Zangani Investor Community
Investor Relations
908-788-9660 x625
office@zangani.com
http://www.zangani.com
Source: Somerset International Group, Inc.
http://biz.yahoo.com/prnews/070308/nyth104.html?.v=89
Press Release Source: Somerset International Group, Inc.
Somerset International Group, Inc. Announces Acquisition Letter of Intent
Thursday March 8, 11:53 am ET
BEDMINSTER, N.J., March 8 /PRNewswire-FirstCall/ -- Somerset International Group, Inc. (OTC Bulletin Board: SOSI - News) announced today that it has entered into a letter of intent to acquire 100% of the stock of a company that specializes in the distribution, sale, installation and maintenance of commercial fire and security equipment and systems that include fire detection, video surveillance, and burglar alarm equipment. There are two divisions with similar product availability from distinct manufacturers which affords the opportunity to provide a wide array of client specified equipment with the flexibility to offer cost effective alternates when appropriate.
ADVERTISEMENT
Unaudited revenues for the entity for the calendar year ended 2006 were approximately $3,000,000.[/B] The purchase price is one million seven hundred thousand dollars ($1,700,000) to be paid through a combination of cash, notes, and common stock. For the purchase price, the seller will deliver, at closing and subject to purchase price adjustments, seven hundred twenty-six thousand dollars ($726,000) of twelve months trailing earnings before interest, taxes, depreciation, amortization, and owner expenses, as well as net current assets (defined as current assets minus total liabilities) of seven hundred and ten thousand dollars ($710,000). The closing is subject to customary due diligence, approval by both parties of a Definitive Agreement as well as receipt of audited financial statements from the company and Somerset International Group obtaining satisfactory financing to complete the transaction. No assurance can be given that this acquisition will be consummated.
"I'm pleased about the prospect to expand our product line at this time," commented John X. Adiletta, President of Somerset International Group. "This will more than double our revenue base and move us closer to profitability on a consolidated basis. In addition, there are potential cross selling opportunities between this acquisition and our existing portfolio company, Secure System, Inc. that should accelerate the growth of both companies," he added.
About Somerset International Group, Inc.
Somerset International Group, Inc. (http://www.somersetinternational.com) finds undervalued technology investments aligned around the exponential growth in concern and demand for security and the acquisition of profitable and near term profitable private small and medium sized businesses that provide proprietary security products and solutions for people and enterprises -- from personal safety to information security. Somerset International Group, Inc., formerly known as ORS Automation, Inc., was incorporated in 1968 and is based in Bedminster, New Jersey.
About Secure System, Inc.
Secure System, Inc. (http://www.securesysteminc.com) provides personal alarm systems, wireless transmitters and receivers, and personal alarm locators. The company currently serves colleges and universities and medical and mental health facilities. Its products are also easily adaptable for office campuses, residential facilities, and correctional facilities. The system works by providing an individual with a wireless personal alarm locater with which they can summon help and be located by the pressing of a button.
Statements about our future expectations are "forward-looking statements" within the meaning of applicable Federal Securities Laws, and are not guarantees of future performance. When used herein, the words "may," "will," "should," "anticipate," "believe," "appear," "intend," "plan," "expect," "estimate," "approximate," and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties inherent in our business, including those set forth under the caption "Risk Factors" in our most recent Registration Statement on Form SB-2 dated December 6, 2006 filed with the SEC and other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.
L.G. Zangani, LLC provides financial public relations service to the Company. As such L.G. Zangani, LLC and/or its officers, agents and employees, receives remuneration for public relations and or other services in the form of monies, capital stock in the Company, warrants or options to purchase capital in the Company. The full disclaimer can be read here at http://www.zangani.com/disclaimer.
Contact:
Leonardo Zangani
Zangani Investor Community
Investor Relations
908-788-9660 x625
office@zangani.com
http://www.zangani.com
Source: Somerset International Group, Inc.
Anything I post is just my opinion
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