ALAMO, CA. , July 10, 2018 (GLOBE NEWSWIRE) -- The Board of Directors of Social Detention Inc. (SODE), a security and infrastructure firm, reported today it has signed a Memorandum of Understanding with TADRC Inc., a Northern California premier public works service provider specializing in educational, transportation, security and correctional projects. It is anticipated a definitive purchase agreement will be completed within 30-45 days.
According to Social Detention Inc., President and CEO, Robert P. Legg II, “The acquisition of TADRC Inc. will mark a significant milestone for our company in bringing in a seasoned management team, project backlog, field teams/equipment and licensing. We anticipate this acquisition adding $3-5M to our revenue/backlog in 2018 beginning in this quarter. The terms of the deal is 100% equity based on revenue levels and profit margin TADRC Inc. must meet or exceed. With the addition of TADRC Inc. resources and Social Detention’s Inc. current backlog we are well on our way to reaching our 2018 revenue goals. We anticipate additional acquisition announcement’s in Quarter 2 of 2018.”
For more information about Social Detention Inc. visit www.sodetention.com.
FORWARD LOOKING STATEMENTS
Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve unknown risks, and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the Company's filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.