New Century Companies to Acquire Precision Aerostructures, Inc.
September 03 2009 - 8:30AM
Marketwired
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