WHITEHOUSE, N.J., Feb. 19, 2003 (PRIMEZONE) -- AAMPRO GROUP, Inc. (OTCBB:AAPO) announced today that it entered into a definitive letter of intent to acquire a 20% stake in Security 20/20, Inc. ("SecurityPro USA"). The transaction is structured as a stock purchase with the consideration being paid in stock options on an earn out basis. The acquisition is slated to close by the end of February. Stephen Farkas, CEO, commented, "We are very excited about this acquisition as it will contribute to our growth in the high growth sector of public security. Furthermore, this acquisition provides captive business to our core PEO operations as 80% of SecurityPro USA's business is derived from the placement of security personnel." SecurityPro USA is projected to generate approximately $1 million of revenue for 2003.
"AAMPRO is committed to increasing shareholder value and we are moving expeditiously to execute on our acquisition strategy in selective markets," stated CEO Farkas. Ami Even, CEO of SecurityPro USA, declared, "We look forward to partnering with such an energetic company like AAMPRO as the public company platform will enable us to grow to the next level of business."
About the Company:
The Company, through its subsidiary AAMPRO, Inc. ("AAMPRO"), primarily conducts its business operations as a professional employer organization ("PEO"). AAMPRO provides a broad range of services comprised primarily of employee leasing and human resources management. These services include payroll and benefits administration, health and workers' compensation insurance programs, state and federal labor compliance, tax filings, safety program design and management and other related services to small and medium-sized businesses nationally with a primary concentration in the tri-state (New York/New Jersey/Pennsylvania) region. AAMPRO was organized as a corporation in 1995 and has provided PEO services since inception.
AAMPRO's services are designed to improve the productivity and profitability of small and medium-sized businesses by relieving business owners and key executives of many employer-related administrative and regulatory burdens that enable them to focus on the core competencies of their businesses.
About SecurityPro USA:
SecurityPro USA was founded in 1986 and has been primarily engaged in providing a wide array of security management solutions including the placement of both armed and unarmed security personnel, business and individual security consulting, as well as, the sale of security products. SecurityPro USA has embraced the latest in technological advancements, offering a unique way to buy security online. With a click of the mouse, anyone can have the kind of security they need, from guards, police officers and bodyguards, to polygraph testing, handwriting analysis, and all manner of security devices.
Forward-Looking Statements
This news release contains forward-looking statements about our business, or financial condition and prospects that reflect our assumptions and beliefs based on information currently available. We can give no assurance that the expectations indicated by such forward-looking statements will be realized. There may be other risks and circumstances that we are unable to predict. When used in this news release, words such as "believes," "expects," "intends," "plans," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements, although there may be certain forward-looking statements not accompanied by such expressions. All forward-looking statements are intended to be covered by the safe harbor created by Section 21E of the Securities Exchange Act of 1934.