EGPI Firecreek Updates Acquisition Plans to Acquire Assets of Caddo International and Extend Timing for Completion
September 08 2010 - 12:32PM
Marketwired
EGPI Firecreek, Inc. (OTCBB: EFIR) today announced updates on
progress 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.
As previously reported 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 but have been extended due the schedules of both companies
and inter related projects with Chanwest Resources, Inc., a wholly
owned subsidiary of EGPI Firecreek, Inc. Chanwest reports
operations are ramping up nicely with recent DOT approvals, and
entering cash flow positive status. The Company will update status
of important events for Chanwest in upcoming news releases.
David Taylor, CEO of Caddo, stated, "We look forward to working
with EGPI Firecreek, Inc. commandeering the acquisition and stage
in processes with a goal to give the CADDO shareholders maximum
return while creating minimum dilution effect to EGPI."
Dennis Alexander, EGPI's CEO, stated, "We
are confident that once completed, the asset acquisition will play
a valuable part in the continued 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), and
Chanwest Resources, Inc. 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.
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 EPGI 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.
CONTACT: EGPI Firecreek, Inc. Public Relations and Shareholder
Information Joe Vazquez (754) 204-4549
infinityglobalconsulting@gmail.com
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