Does anyone know what happened to this deal?
EGPI Firecreek in Final Stages of Definitive Agreement to Acquire Caddo International
Egpi Firecreek (BB) (OTCBB:EFIR)
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1 Month : June 2010 to July 2010
EGPI Firecreek, Inc. (OTCBB: EFIR) announced today that it is in the final stages of a Definitive Agreement to acquire Caddo International, an Oil Service company that currently services the Northwest Louisiana and East Texas regions of the United States.
Caddo International has been in business for over 40 years as a production and service company, utilizing their own equipment and pulling units in order to provide oilfield services. The company produces revenues of approximately $2,400,000 per year with a positive net income, and assets of approximately 6 million dollars.
Negotiations for the structure of the Definitive Agreement, as well as, due diligence for the acquisition, have been ongoing and are now nearing completion. EGPI Firecreek anticipates finalizing the Definitive Agreement within the next 7-10 business days.
Dennis Alexander, EGPI's President, stated, "We are extremely happy to have created a great working relationship with Caddo International and its board of directors. A tremendous effort has been made on both sides in order to expedite the terms for the acquisition. We are confident that once completed, the acquisition of Caddo International will play a valuable part in the growth of our oil & gas division."
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc.'s business and acquisition strategy is focused on both the vertical integration of enterprises serving the DOT Construction and Intelligent Traffic System markets alongside its wholly owned subsidiary M3, Lighting, Inc. (M3), and on oil and gas production with an emphasis on acquiring existing fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories, through its wholly owned subsidiary Energy Producers, Inc. (Energy Producers). EGPI Firecreek, Inc. is also looking to expand into Alternative energy sources as well as industries in the energy field. Other companies in the oil sector include Exxon Mobil, Pantina Oil and Gas Inc., Frontier Oil Inc. and Cabot Oil & Gas Inc.
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