WILMINGTON, N.C., Dec. 3, 2013 (GLOBE NEWSWIRE) -- Global Earth Energy, Inc.'s (OTCQB:GLER) partner Hawk Manufacturing (HAWK) based in Charleston, SC, announces annual 21% growth. Benefiting from the explosive growth of the oil and gas industry in multiple areas of the country, including Texas, the Bakkens and shale ranges in Ohio, Pennsylvania and New York, HAWK remains on track for this 21% sales increase.
During 2013 HAWK'S integration of previous acquisitions began to perform with growth acceleration in various areas. With $18.2 million in projected revenues and earnings before taxes, interest and amortization of $1.8 million, Hawk sees significant upside in 2014. In addition to oil and related services, HAWK is experiencing growth in the transportation and aerospace sectors. With clients like Chesapeake Energy, Devon Energy, US Coast Guard, Lockheed Martin, Eaton, John Deer, Spirit Aerospace, Boeing, Airbus, as well as over 800 other clients, HAWK anticipates robust business performances going forward.
HAWK continues to transform into a full-services oil services company, whereas both GLER and HAWK see huge upside potential. With more than 40,000 wells permitted nationally, with more than 100 well permits added per month, and with only about 2,000 US onshore wells producing, HAWK expects to see growth for years to come. HAWK, along with its other acquisitions, has facilities near the Permian, Utica, Niobrara and other shale ranges gives them a unique ability to service the producers within these ranges with everything from pre-drilling services, drill site services, drill site transportation, fleet vehicle maintenance, and well producing solutions that help capture additional resources.
GLER report that HAWK expects to see significant growth in revenues and earnings in 2014. In the first quarter of 2014, HAWK expects to add 3-4 new acquisitions to its company, increasing additional resources and services. These acquisitions will bring in approximately $47 million in new revenues (2013) and approximately $14.5 million additional cash flow. HAWK believes 62% of the current and expected revenues are long-term contract guarantees through 2017. With a number of Tier 1 and Tier 2 supplier designations from major Fortune 500 companies, Hawk is well positioned for growth.
GLER further reports HAWK intends to use existing credit facilities for more than $25 million to complete transactions and intends to work with various states and local governments and finance authorities on tax incentives where direct benefits could top more than $40 million over the life of the company. HAWK intends to keep all manufacturing US-based and to expand US employment.
For more information about Global Earth Energy please contact Rich Kaiser, YES INTERNATIONAL, Business Consultant, 757-306-6090 and/or John M. Ragsdale, CEO, Hawk Manufacturing at 843-817-6106.
This news release contains forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of Company to be materially different from results, performance or expectations implied by these forward-looking statements.