repost (anticipated close by date)
FastFunds Financial Corporation Renews Letter of Intent for
Acquisition of Engineering Procurement Company
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--January 29, 2008 FastFunds Financial Corporation (OTCBB: FFFC) announced today that it has executed a new non-binding letter of intent to acquire Industrial Systems, Inc. ("ISI"). ISI, formed in 1991 and based in Delta, Colorado, provides engineering procurement and construction services to the mining, energy and natural resources industries throughout the United States. The letter of intent calls for FastFunds to acquire 100% of the outstanding securities of ISI in an all stock tax-free transaction. Prior to the closing of the transaction, FFFC is required to have no liabilities on its balance sheet, unless mutually agreed upon. Completion of the transaction, which is planned to close by April 30, 2008, is also subject to further due diligence by each party, negotiation and execution of a definitive agreement, and other customary pre-closing conditions. FastFunds and ISI's previous letter of intent expired in 2007. "During 2007 we turned our focus to building and solidifying our Company into a position to be better prepared to become a public company. We believe we have reached the next step in our growth and we are looking forward to concluding this transaction and becoming a public company," commented Bob Isom, ISI's President and CEO.
About Industrial Systems, Inc.
With over $90 million in total sales during its sixteen year history to a wide variety of more than 20 clients including some of the country's largest natural resources companies, ISI is able to provide major capital engineering, procurement, management and construction services. The company reported preliminary unaudited sales of approximately $10.5 million for the year ended December 31, 2007 compared to $4.1 million and $3.5 million for the years ended December 31, 2006 and 2005, respectively.
With over 44,000 square feet under roof, including a 38,000-square-foot indoor fabrication facility, ISI has the ability to develop and construct a wide range of underground and surface infrastructures providing crafts and capabilities including: tank fabrication and erection; process plant construction; industrial/commercial construction; electrical design and installation; instrumentation design and installation; fire suppression systems; and mechanical equipment erection ISI, located in Delta, Colorado, is situated perfectly to take advantage of recent initiatives to increase domestic production of oil and gas in Western Colorado and Eastern Utah. ISI is also directing a major portion of its marketing focus to recently announced government plans for the re-opening of oil-shale mines. The U.S. Bureau of Land Management recently awarded three oil companies environmental clearance for their plans to start producing shale oil through a process of heating layers of rock, and ISI intends to pursue contracts for these projects in the Western United States.
FastFunds Financial Corporation is a holding company with limited business operations.
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.
CONTACT: FastFunds Financial Corporation Barry S. Hollander, 561-514-9042 Acting CEO
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