Viking Power Services, Inc. Releases Updated Financial Projections Monday March 26, 7:00 am ET
MANALAPAN, NJ--(MARKET WIRE)--Mar 26, 2007 -- Viking Power Services, Inc ("Viking," "the Company") (Other OTC:VKPW.PK - News) management today released updated financial projections for 2007. As a result of the Company's recently announced acquisition agreement with a private power plant services company, Viking would like to update investors as to the expected financial impact of the pending transaction.
On a consolidated basis and contingent upon successful closing of all conditions related to the Company's first announced acquisition, management would expect FY07 gross revenues to be approximately $9,000,000 USD, a net gain of 114% over FY06 revenues. Net income would be expected to be between $350,000-$500,000 USD, or approximately $.01 per fully diluted share. These figures are based on historical and projected data, and are not provided under the auspices of firm financial guidance.
Viking will continue its aggressive roll-up strategy of acquiring similar companies involved in power plant maintenance, upgrades, repair, outage execution, and related services. The Company's business model clearly targets a fragmented and profitable $12B energy services industry, which Viking believes is poised for significant consolidation. The Company has targeted several additional acquisitions, primarily east-coast-based service companies that will be accretive to their previously announced growth strategy. Targets must have reliable revenue streams, solid net income, and have sound and seasoned management. Obvious synergies will allow for the employment of a tuck in consolidation strategy thereby maximizing existing infrastructure and overhead.
The Company will keep shareholders updated as to the latest information regarding its acquisition plans as they become available.
About Viking Power Services, Inc.:
Viking Power Services, Inc. is an emerging company that is committed to providing a single-source solution for all maintenance and repair services within the energy provider and plant maintenance infrastructure. Through strategic acquisitions and specialized partnerships the company will continue to deliver expert repair and maintenance services to energy providers and power producers throughout the US.
Safe Harbor Statement: The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking information made on the company's behalf. This press release contains forward-looking statements. The words or phrases "may," "intends," "expects," "estimate," "indicate," "plans," "anticipates," "could," "if," "will," "should" or similar expressions are intended to identify "forward-looking statements." Such statements include those concerning our expected financial performance, our corporate strategy and operational plans. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties, including: (a) our ability to obtain financing in a timely manner and on terms favorable to us, (b) our ability to completely develop our business model, (c) the amount and timing of operating costs and capital expenditures relating to the expansion of our business, (d) the successful implementation of marketing programs directed to potential customers, (e) the ability to identify, negotiate, secure, fund and close potential acquisitions, (f) the ability to identify and enter into favorable strategic alliances; (g) the marketing and sales efforts of our competitors; (h) changes in various sectors that affect our industry and (i) general economic conditions. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. Viking Power cautions readers not to place undue reliance on such statements. Unless otherwise required by applicable law, Viking Power does not undertake, and Viking Power specifically disclaims any obligation to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
Contact: Contact: Viking Power Services, Inc. Ray Mancison T. 732-446-2300 info*vikingpower.org
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