EGPI Firecreek in Final Stages of Definitive Agreement to Acquire Caddo International
July 12 2010 - 7:00AM
Marketwired
EGPI Firecreek, Inc. (OTCBB: EFIR) announced today that it is in
the 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.
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 and
are now nearing completion. EGPI Firecreek anticipates finalizing
the Definitive Agreement within the next 7-10 business days.
Dennis Alexander, EGPI's President, stated, "We are extremely
happy to have created a great working relationship with Caddo
International and its board of directors. A tremendous effort has
been made on both sides in order to expedite the terms for the
acquisition. We are confident that once completed, the acquisition
of Caddo International will play a valuable part in the 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). 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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