LOS ANGELES, CA -- (Marketwire) -- 09/03/09 --
New Century Companies, Inc. (OTCBB: NCNC)
announced today that it has signed a definitive agreement to acquire
Precision Aerostructures, Inc. through a cashless merger. Russell
Armstrong, Crescent Financial Advisors, Inc., has facilitated the
negotiations of the merger and will conduct and assist with all aspects of
the transaction
Precision Aerostructures, Inc. manufactures structural aircraft components
and assemblies. The company's customers do business in defense, government
systems, aerospace and commercial markets. The company's web site is
www.precisionaerostructures.com
David Duquette, CEO, New Century Companies, Inc., stated, "We are pleased
to have found a great company to grow our business. Precision
Aerostructures, Inc. has an excellent management team and a backlog of
$27,000,000 in contracts. We expect the combined companies to have earnings
in the next 12 months in excess of $.12 per share. The closing, expected
shortly, is subject to certain financing conditions and final due
diligence, as is the case in any merger." About New Century Co
New Century Companies, Inc. is one of the leading U.S.-based makers of
machine tools, primarily vertical boring mills and large lathes such as
vertical turning centers (VTCs). It specializes in re-manufacturing,
starting with existing major castings and fitting them with
state-of-the-art, computer-controlled equipment. These products generally
cost 40% to 60% less to manufacture than new ones. New Century passes these
savings on to its customers, which include such leading manufacturers as
General Electric Co., General Dynamics Corp., Siemens AG and Gardner
Denver. New Century machines are used to manufacture jet engine components,
airplane landing gear parts, power generation equipment, oil and gas
production components and construction materials, to name just a few
applications. New Century's production facility is in Santa Fe Springs, CA For more information please visit New Century's Web site at
www.newcenturyinc.com
In order to receive regular updates on NCNC, please click on the following
link: www.newcenturyinc.com Safe Harbor Forward-looking statement: Except for historical information, this press
release contains forward-looking statements, which reflect the Company's
current expectation regarding future events. These forward-looking
statements involve risks and uncertainties, which may cause actual results
to differ materially from those statements. Those risks and uncertainties
include, but are not limited to, changing market conditions and other risks
detailed from time to time in the Company's ongoing quarterly filings,
annual information form, and annual reports. We undertake no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. In light of these
risks, uncertainties and assumptions, the forward-looking events in this
press release might not occur
Contacts: David Duquette
CEO
New Century
Phone: 562-906-8455
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