Network Installation Acquires Kelley Technologies; Increases 2005 Revenue Run Rate to $10 Million
September 23 2005 - 5:19PM
PR Newswire (US)
IRVINE, Calif., Sept. 23 /PRNewswire-FirstCall/ -- Network
Installation Corp. (OTC:NWKI) (BULLETIN BOARD: NWKI) , an IT and
communications solutions provider, today announced that it has
acquired 100% of the outstanding shares of Las Vegas-based Kelley
Communications Company, Inc. d/b/a Kelley Technologies (KCCI). KCCI
is a national communications systems designer and project
engineering firm. KCCI shareholders received 14,061,577 shares of
Network Installation common stock in the exchange. Based on Network
Installation's un-audited reported revenue of $1.9 million through
June 30, 2005 and KCCI's un-audited revenue of approximately $4.9
million through August of 2005, the combined company's annual
revenue run rate for 2005 is expected to be approximately $10
million. Network Installation CEO Jeffrey R. Hultman stated, "Since
the new management team arrived in March of this year, we have
publicly stated our strategy of accelerating our growth through
acquisition and after carefully evaluating a number of
opportunities which we were presented with, we chose to partner
with Kelley Technologies. The rationale for our partnership is
simple; the obvious synergies between our businesses, Kelley's long
history of success with an A-list of clients, and most importantly,
the stellar reputation of Michael Kelley and his team." He added,
"Our strategy is aggressive, but our goal is to continue to grow
rapidly through high quality strategic acquisitions such as Kelley,
and grow organically, resulting in significant scale within three
years. I believe we have now taken the first but most important
step towards that objective." KCCI President Michael Kelley
commented, "I am truly excited about this partnership with Network
Installation and pursuing the many opportunities we currently have
before us. Jeff and his team have a track record of multiple major
successes within the communications universe. Network
Installation's core competencies in the delivery of data and voice
communications systems are a perfect complement to our technology
design, engineering, and project management capabilities. I look
forward to achieving great success and to the continued growth of
our combined organization." Pursuant to the Agreement, Mr. Hultman
was appointed Chairman of Network Installation and will remain as
CEO. Mr. Kelley will remain President of KCCI, a wholly-owned
subsidiary, and will join the Network Installation Board of
Directors. Network Installation CFO Michael V. Rosenthal, has also
been appointed to the Board of Directors. Additionally, Network
Installation Chairman Michael Novielli and Directors Douglas
Leighton and Theodore Smith have resigned their positions as
Directors of the Company. The Company plans to fill the remaining
two vacancies on the Board before the end of the year. Outgoing
Network Installation Chairman Michael Novielli stated, "On behalf
of Mssrs. Leighton and Smith, we are extremely proud to have
delivered such a significant event and dynamic management team to
the Network Installation shareholders. Since our involvement began
in April 2003, we've seen the Company grow its annual revenues
dramatically. I believe we are departing the Company with our
mission accomplished. It's now time to leave Network Installation
in the very capable hands of the management team we've assembled,
so that they may pursue their clearly articulated vision." Mr.
Hultman added, "The Dutchess organization is one of the most
proficient, resourceful and capable teams of professionals I have
dealt with in my 35 year business career. Their ability to create
solutions to challenges in matters of finance, business strategies,
legal or accounting alike, are second to none. They have been a
tremendous asset to management and certainly critical to the growth
of Network Installation. We are grateful for their past
contributions and although they still remain a major shareholder we
will miss their day to day input." About Kelley Technologies
Founded in 1988, Kelley Communications Company, Inc. d/b/a Kelley
Technologies designs and integrates custom audio and video,
communications and technologies serving the gaming, hospitality and
entertainment industries. Michael Kelley's IVC successfully
implemented the first electronic sports and racing book, which
debuted in Las Vegas at Caesar's Palace. Since then, Kelley
Technologies has designed and built more than 70 Race Books, Sports
Books and Off Track betting facilities across North America. Some
of its clients include; MGM Mirage, Mandalay Bay Resort Group,
University of Nevada Las Vegas, Whiting Turner Construction,
Harrah's Entertainment Group, Palm Resorts-N9ne Group, Station
Casinos, Borgata Resort and Casino, Perini Building Group and
Venetian Resorts and Casino. For additional information about
Kelley Technologies please visit http://www.kccinc.com/. About
Network Installation Network Installation Corp. provides
communications and IT solutions to the Fortune 1000, Government
Agencies, Municipalities, K-12, Universities and Multiple Property
Owners. These solutions include the 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) , visit our corporate
website at http://www.networkinstallationcorp.net/. 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.networkinstallationcorp.net/ http://www.kccinc.com/
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