SCOTTSDALE, Ariz., Oct. 27, 2009 (GLOBE NEWSWIRE) -- EGPI Firecreek, Inc. (OTCBB:EFIR) (the "Company") is pleased to announce that it has delivered final and definitive documentation to South Atlantic Traffic Corporation ("SATCO"). The Company and SATCO have signed extension documents targeting November 2, 2009 for the planned closing date of the acquisition.
As previously reported, EGPI Firecreek, Inc. announced the signing of a binding Letter of Intent to acquire South Atlantic Traffic Corporation and has recently completed all of its due diligence phases. In order to move forward with their respective plans, the Company and SATCO have further agreed to now expeditiously move forward with formal and procedural documentation to close the transaction by November 2, 2009, along with the completion of SATCO's audited financials within the next 30 to 45 days.
Additionally, upon completion of the SATCO acquisition, the Company looks forward to adding the robust revenue stream and net income of SATCO to its balance sheet, thereby, giving the Company an excellent base for future acquisitions, conventional financings and shareholder equity and valuation.
About SATCO
SATCO has been in business since 2001 and has several offices throughout the Southeastern United States. SATCO's products range from traffic signal equipment, traffic & light poles, and data/video systems for ITS surveillance systems, and has reported nearly $15 million in annual revenues for 2008 along with positive net income.
SATCO recently reported that they have entered into an exclusive Distributor Agreement with a manufacturer of industrial wireless data radio modem communication networks with optional embedded GPS radio location monitoring technologies. A second agreement is with a company that manufactures spun concrete poles, high quality decorative outdoor lighting fixtures, fabricated metal poles, arms, and site furnishings. The additional lines will be a huge compliment to an already robust product offering of traffic and intelligent transportation products currently represented by SATCO.
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc. before the decision to transition to embark on an acquisition strategy centered on the vertical integration of enterprises serving the DOT Construction and Intelligent Traffic System markets, thru its wholly owned subsidiary M3, Inc., was historically focused on oil production with an emphasis on acquiring existing oil fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories on an international basis thru the wholly owned subsidiary Energy Producers, Inc. ("Energy Producers").
EGPI Firecreek, Inc. is also looking to expand into Alternative energy sources as well as industries in the energy field. Other companies in the oil sector include, Exxon Mobil, Pantina Oil and Gas Inc., Frontier Oil Inc., and Cabot Oil & Gas Inc. through Energy Producers as well.
The EGPI Firecreek, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6259
Safe Harbor
This release contains statements that constitute 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. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of EGPI Firecreek, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond EPGI Firecreek Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreek, Inc.'s filings with the Securities and Exchange Commission.