Viking Power Services, Inc. Signs Agreement to Acquire Ocean State Technical Services, LLC Wednesday March 21, 7:08 am ET
MANALAPAN, NJ--(MARKET WIRE)--Mar 21, 2007 -- Viking Power Services, Inc. ("Viking," "the Company") (Other OTC:VKPW.PK - News) today announced that the company has signed an Acquisition Term Sheet ("Agreement," "Term Sheet") with Ocean State Technical Services, LLC ("OST"), a Rhode Island Corporation, wherein Viking will acquire 100% of the shares of OST.
Under the terms of the Agreement, OST will become a wholly owned subsidiary of Viking and the existing OST Management team will remain in their current operating capacities under new employment agreements. The Term Sheet, signed by Viking and OST on March 16, 2007, requires an executed Definitive Acquisition Agreement to be signed within thirty (30) calendar days to consummate the transaction. Additional terms and details of the Agreement were not disclosed.
Established in 1994, Ocean State Technical Services, LLC provides a variety of services for power generation, resource recovery, cogeneration, construction, and petrochemical facilities throughout North America. Taking advantage of their New England location, OST services the Northeastern United States including Rhode Island, Massachusetts, and Connecticut, by providing engineering, construction, and technical services throughout the region to the multiple power generating facilities located there. Additionally, OST offers comprehensive technical training programs and certified inspection services, onsite or offsite, to best meet the developmental and training needs of its clients.
Commenting on the announcement, Viking CEO Ray Mancison stated, "We're exceptionally pleased that we were able to reach an agreement with OST, who without a doubt has some of the most versatile capabilities in our industry. OST is a very successful operation with highly skilled employees and a competent and experienced management team who we feel will be a tremendous addition to the Viking family. The inclusion of OST supports our previously stated growth initiatives, and positions Viking Power Services, Inc. as the single-source solution for all maintenance and repair services for the power industry. Viking is committed to delivering expert project execution to the nation's energy infrastructure as well as implementing renewable energy projects to positively affect present and future climate-change initiatives."
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: Viking Power Services, Inc. Ray Mancison T. 732-446-2300 info*vikingpower.org
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