EGPI Firecreek Inc. Completes Agreement to Acquire Caddo International
SCOTTSDALE, Ariz., Jul 19, 2011 (BUSINESS WIRE) -- EGPI Firecreek, Inc. (OTCBB: EFIRD) (the "Company") announced it has completed an agreement for the acquisition of Caddo International, Inc., a Nevada corporation ("Caddo").
The Agreement for the Caddo acquisition is subject to the completion of all required SEC filings and shall be structured as a share exchange, based on independent third party valuations of the two entities, and all requirements for the audited financials of Caddo, which shall be completed prior to the closing. The expected time for completion is 90 days. Currently, the acquisition has 67% support from the existing shareholders of Caddo.
As previously reported, Caddo International has been in business for over 40 years as an oil production and service company, utilizing their own equipment and pulling units, in order to provide oilfield services. The company currently produces revenues of approximately $1.4 million to $2.4 million dollars per year with an estimated $6 million dollars in assets.
Caddo also provides oil field services to several oil and gas company operators including several hundred wells in the Caddo Pine Island field, the Haynesville field and the Desoto Parish known as the Spyder field.
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc.'s business and acquisition strategy is focused 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. and for oil and gas servicing business through its wholly owned subsidiary Chanwest Resources, LLC. EGPI Firecreek, Inc. is also looking to expand into alternative energy sources through their recently acquired Arctic Solar Engineering.
Safe Harbor
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of EGPI Firecreek, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond EGPI Firecreek, Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreek, Inc.'s filings with the Securities and Exchange Commission.
SOURCE: EGPI Firecreek, Inc.
CONTACT:
EGPI Firecreek, Inc. Public Relations and Shareholder Information Joe Vazquez, 754-204-4549 infinityglobalconsulting@gmail.com
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