Network Installation Closes Acquisition of Spectrum Communications; Increases 2005 Revenue Run Rate to $22 Million
November 07 2005 - 7:00AM
PR Newswire (US)
IRVINE, Calif., Nov. 7 /PRNewswire-FirstCall/ -- Network
Installation Corp. (OTC:NWKI) (BULLETIN BOARD: NWKI) , today
announced that it has acquired 100% of the outstanding shares of
Spectrum Communications Cabling Services, Inc., a complete solution
network service firm which provides network design, installation
and maintenance of voice and data network systems. Spectrum
shareholders received 18,567,639 shares of Network Installation
common stock in the exchange. Based on Spectrum's un-audited
revenue of approximately $12 million through October of 2005, and
Network Installation's recent acquisition of Kelley Technologies,
the Company's combined annual revenue run rate for 2005 is expected
to be approximately $22 million. Network Installation CEO Jeffrey
R. Hultman stated, "With our recent acquisition of Kelley
Technologies and now with the acquisition of Spectrum, we've
achieved two significant milestones within just the past 45 days.
In acquiring Spectrum, we've not only added another tremendous,
high growth component, but we have further enhanced our senior
management team with the addition of Spectrum founder Robert
Rivera. In my prior positions as CEO at both Pac Tel Cellular and
Dial Page, we were able to quickly and efficiently achieve
significant scale due to the superior personnel we had assembled. I
aim to continue following that same strategy once again with
Network Installation." Spectrum President Robert Rivera commented,
"I consider this a terrific opportunity to team up with Jeff and
become an integral part of the Network Installation organization. I
believe Spectrum's core competencies blend seamlessly with Network
Installation and Kelley Technologies. With our industry
experiencing record growth, it is certainly within our collective
capabilities to achieve the critical mass and scale consistent with
Jeff's strategy. I look forward to hitting the ground running."
Spectrum Communications is a six-time recipient of the 'INC. 500 -
Fastest Growing Companies in America Award' (1998-2003) and a
three-time recipient of the 'Fastest Growing Hispanic Company in
America Award'. Robert Rivera was the 2000 'Entrepreneur of the
Year' for Hispanic Business Magazine, 1999 and 2000 First Runner-up
for the 'Ernst & Young Inland Empire Entrepreneur of the Year
Award' and a 2001 'Business Press nominee for Innovator of the
Year' Award. Spectrum currently services clients including and
within NORAD, U.S. Department of Homeland Security, Healthcare
Industry and K-12 education. Spectrum will operate as a
wholly-owned subsidiary of Network Installation. Network
Installation plans to expand its Board membership to a total of
seven directors. About Spectrum Communications Spectrum
Communications provides network design, installation and
maintenance of voice and data network systems. Recognized for its
expertise in innovative solutions within the communications
industry for over 16 years, Spectrum Communications is able to
complete a turn-key solution to meet their clients networking
needs. Spectrum offers prospective education, health care, and
commercial customers over a decade and a half of experience as a
leading "single source" provider of innovative and cost-effective
technology solutions, including the procurement of communications
services that enable organizations to transmit voice, data, and
video within the organization and to the outside world in a fast,
secure, and cost-effective manner. Spectrum maintains offices in
Corona, CA and Colorado Springs, CO. For further information please
visit http://www.spectrumccsi.com/. About Network Installation
Network Installation Corp. provides communications and IT solutions
to the Fortune 1000, Gaming Industry, Government Agencies,
Municipalities, K-12 and Universities. These solutions include
complete project management from design, installation and
deployment of data, voice and video networks as well as wireless
networks including Wi-Fi applications and integrated
telecommunications solutions including Voice over Internet Protocol
(VoIP) applications. To find out more about Network Installation
Corp. (OTC:NWKI) (BULLETIN BOARD: NWKI) , please visit
http://www.networkinstallationcorp.net/ and http://www.kccinc.com/.
The Company's public financial information and filings can be
viewed at http://www.sec.gov/. Forward-Looking Statements This
release contains forward-looking statements, including, without
limitation, statements concerning our business and possible or
assumed future results of operations. Our actual results could
differ materially from those anticipated in the forward-looking
statements for many reasons including: our ability to continue as a
going concern, adverse economic changes affecting markets we serve;
competition in our markets and industry segments; our timing and
the profitability of entering new markets; greater than expected
costs, customer acceptance of wireless networks or difficulties
related to our integration of the businesses we may acquire; and
other risks and uncertainties as may be detailed from time to time
in our public announcements and SEC filings. Although we believe
the expectations reflected in the forward-looking statements are
reasonable, they relate only to events as of the date on which the
statements are made, and our future results, levels of activity,
performance or achievements may not meet these expectations. We do
not intend to update any of the forward-looking statements after
the date of this document to conform these statements to actual
results or to changes in our expectations, except as required by
law. For further information, please contact Jeffrey R. Hultman,
Chairman and CEO Network Installation Corp., , ph (949) 753-7551.
DATASOURCE: Network Installation Corp. CONTACT: Jeffrey R. Hultman,
Chairman and CEO of Network Installation Corp., +1-949-753-7551,
Web site: http://www.spectrumccsi.com/ http://www.kccinc.com/
http://www.networkinstallationcorp.net/
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