Structural Enhancement Corp. Enters Into Letter of Intent to Acquire Challenger Brands Corp.
June 06 2012 - 5:57PM
Marketwired
Structural Enhancement Technologies Corp. (PINKSHEETS: EMWW)
announced that it has reached agreement and entered into a Letter
of Intent to acquire privately held Challenger Brands Corp.
Challenger Brands Corp. is a renewable energy oil company in the
business of blending, bottling, and distributing private label
motor oil, transmission fluid, and related products for the
automotive aftermarket. These products are sold, both direct and
through distributors, to retail outlets that include oil change
shops, automotive aftermarket chains, gas stations, department
stores, and convenience stores as well as international
distribution channels.
"When we were reviewing potential merger partners we were
looking for two things. A company that can bring immediate
shareholder value and a company that would have significant growth
potential. We believe Challenger meets both of those goals," Andrew
Mazzone the CEO of Structural Enhancement Corp., stated. "Another
factor in our decision to acquire Challenger is they are in the
renewable energy sector, which is considered a high growth area by
many economists and business analysts. Furthermore, one of the
unique factors in our issuing an LOI to Challenger was during these
challenging economic times our country is in, Challenger has
created local jobs in the small town of Kingsbury, Indiana, which
is where the processing facility is located. That has led to a
tremendous amount of support from the local government and the
surrounding business community. Challenger has been assured that
will continue as the company moves forward. Lastly, as mentioned in
our previous press release a new management team with expertise in
the energy sector will be brought in to run the new company. We
hope to have news on that shortly," Mr. Mazzone went on to say.
If such transaction is agreed to and closed, Structural
Enhancement Technologies Corp. will continue to operate it current
subsidiary, Extreme Mobile Coatings, Inc., as well.
Upon the closing of the transaction, new Management will be
brought into Structural Enhancement Technologies, including a new
President and new members of the Board of Directors.
For further information, please visit the following websites:
www.setincorp.com www.extrememobilecoating.com
About Structural Enhancement Technologies Corp.
Through its wholly owned subsidiary, Extreme Mobile Coatings,
Inc., based in Nicholasville, Kentucky, Structural Enhancement
Technologies Corp. operates an onsite mobile business that provides
painting or coating on various surfaces utilizing specialized
proprietary material. The Company also offers its anti-microbial
services in other areas of the United States through various
providers.
Forward-Looking Statements
This press release contains forward-looking statements, which
represent the Company's expectations or beliefs, including, but not
limited to, statements concerning plans, growth and strategies,
which include, without limitation, statements preceded or followed
by or that include the words may, will, expect, anticipate, intend,
could, estimate, or continue or the negative variations thereof or
comparable terminology. Any statements contained in this press
release that are not statements of historical fact may be deemed to
be forward-looking statements. These statements by their nature
involve substantial risks and uncertainties, some of which are
beyond the Company's control and actual results.
Contact: Andrew B. Mazzone President Structural Enhancement
Technologies Corp. 631-256-5749 631-560-4108
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