NEW YORK, Sept. 22, 2005 (PRIMEZONE) -- Heartland Holdings Inc. (OTCBB:HTLJ) entered into a binding Acquisition Agreement with Lee Oil Company owners Terry and Gary Lee to acquire all the outstanding issued stock of Lee Oil Company, Inc., a Virginia corporation, Lee Enterprises, Inc., a Kentucky corporation, and Lee's Food Marts LLC, a Tennessee Limited Liability Company for $6,000,000.00.
"By moving to acquire Lee Oil Company, Heartland Holdings expands its diverse portfolio into profitable energy operations," stated CEO Trent Sommerville. "After posting a significant growth last year -- to the tune of over a thousand percent -- Heartland continues to drive forward into new markets to create opportunities and potential for stockholders and investors."
The agreement is financed in two parts, with $5,000,000 payable in cash at the closing and the equivalent of $1,000,000 payable in Heartland common stock valued at the date of closing or at minimum an number equal to 1,000,000 common shares.
Several key elements must be satisfied including:
-- Review of Lee Oil Company's books and records -- Review of SEC qualified audited financials -- A business and real estate appraisal -- An environmental report
About Lee Oil Company
Headquartered in Middleboro, Kentucky, Lee Oil Company is a profitable company with annual sales in excess of $55,000,000. Since 1988, the company has operated as a multi-state oil distributor in Kentucky, Tennessee and Virginia specializing in wholesale and retail petroleum products and convenience store operations. Operation of 17 convenience stores and nine consignment locations are complemented by operation of carwashes and laundromats at their facilities.
About Heartland Inc.
A growing, diversified holding company, Heartland's subsidiaries span heavy machining and fabricated steel products to specialized machinery to organic fertilizers. Heartland's breadth of product and service offerings provides economic protection and growth opportunities for investors. Information is available by calling 763-557-2900 or by e-mailing info@heartlandholdingsinc.com.
This press release contains certain 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 that involve risks and uncertainties. In addition, Heartland, Inc., a Maryland corporation, and its subsidiaries, may from time to time make oral forward-looking statements. Actual results are uncertain and may be impacted by many factors. In particular, certain risks and uncertainties that may impact the accuracy of the forward-looking statements with respect to revenues, expenses and operating results. As a result, actual results may differ materially from those projected in the forward-looking statement. Heartland's operating results and past financial performance should not be considered an indicator of future performance. Investors should not use historical trends to anticipate results or trends in future periods.
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