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This stock finally got the news that I have been waiting for...CHeck it out and good luck... Jul 17, 2009 06:31:01 (ET)
SEATTLE, Jul 17, 2009 (GlobeNewswire via COMTEX) -- SARS (the "Company") (Pink Sheets:SARO) announces the closing of a merger between the Company's U.S.-based monitoring and management services business and an Illinois-based conglomerate specializing in mechanical and electrical construction, energy infrastructure, facility installation, service and design (announced June 3, 2009). The companies acquired include Environmental Insulation, Inc., ESDD, LLC, Alternatech, Inc., Swank Enterprises, Inc. d/b/a Art & Print, Inc., Associated Mechanical, Inc. and R.J. Power Plumbing & Heating Company (collectively referred as "Associated Mechanical") through a merger between each of the individual entities and FasTech Services, Inc. ("FasTech Services"), a newly formed, wholly owned subsidiary of SARS. SARS and Associated Mechanical amended the original merger agreement to extend the closing date to July 8, 2009 and adjusted the contemplated share distribution of SARS' common stock to Associated Mechanical to 60%.
Resulting from the merger is a new, multi-million dollar operating company with expected combined annual revenues of approximately $35,000,000. The Company will offer facilities systems monitoring controls in addition to building automation for commercial spaces. By focusing on advanced systems-management technology and comprehensive construction services, the combined companies will be capable of providing customers with continuous and up to the minute reports on critical heating, air, electrical, and security systems for buildings of virtually any size.
Said Frank Bonadio, incoming Chief Executive Officer of SARS: "We're eager to combine the Company's existing technological capabilities and expertise with the newly acquired products and services. Our ability to offer a complete suite of internal building controls and services to our customers will have a dramatic impact on the expansion of our business." Geoff Meagher, SARS' interim Chief Executive Officer stated, "We're eager to take this new opportunity to enter a new marketplace in order to broaden our reach and expand the application of remote asset management and monitoring technology."
SARS has undertaken the initial steps to change its name to FasTech Holdings, Inc. The Company expects the effective date of the name change to be approximately 30 days from this release.
About SARS Corporation ("SARS"):
SARS is a control systems contracting and services company, providing design and sales, installation services, and monitoring software to building owners and operators. The Company provides the highest quality products, timely installation and service, and industry-leading internet accessibility, allowing customers to see and act on vital systems information from more places than most other systems have access to. This high level of visibility means problems can be resolved faster, maintaining occupant comfort and minimizing deviations from energy saving strategies.
About Environmental Insulation, Inc., ESDD, LLC, Alternatech, Inc., Swank Enterprises, Inc. d/b/a Art & Print, Inc., Associated Mechanical, Inc. and R.J. Power Plumbing & Heating Company, ("Associated Mechanical"):
Associated Mechanical, a conglomerate of mechanical and electrical construction, energy infrastructure and facilities services companies that design, install, service and monitor innovative systems that create comfortable, efficient facility environments. Associated Mechanical installs building automation technology for commercial spaces in various industries, monitors and controls these systems from off-site locations. Associated Mechanical specifically provides services for industrial, residential and commercial heating and air conditioning ("HVAC") systems, plumbing, piping and necessary fixtures. As of closing of the merger, Associated Mechanical has been restructured into FasTech Services, Inc., a single wholly owned subsidiary of SARS.
For more information about FasTech Services, Inc., visit: www.fastech-inc.com .
Contents of this Press Release may contain forward-looking statements generally identified as such because the context of the statement includes words such as SARS "expects," "should," "believes," "anticipates" or words of similar import. Forward-looking statements are subject to certain risks and uncertainties including financial performance of SARS which could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements.
This Press Release does not constitute any offer or invitation to sell or issue or solicitation of any offer to purchase or subscribe for securities in any jurisdiction, nor shall it (or any part of it) or the fact of its distribution form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment therefore.
"Forward-looking statements," defined in the Private Securities Litigation Reform Act of 1995, may be included in this release. These statements relate to future events and/or our future financial performance. These statements are predictions and may differ materially from actual future events or results. SARS disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. Please refer to the documents filed by SARS with the Securities and Exchange Commission, which identify important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to, risks associated with our ability to: (i) increase revenues, (ii) obtain profitability, (iii) obtain additional financing, (iv) react to actions of our competitors, (v) develop new services and markets for our services, remain in compliance with regulatory rules and regulations and to integrate such services with the products and services of our co-joint ventures and (vi) foresee and make necessary changes to our business strategies.
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