Monday August 9, 9:15 am ET
SAN DIEGO--(BUSINESS WIRE)--Aug. 9, 2004--American Fire Retardant Corp. (OTCBB:AFRT - News) announced today that it continues to grow through acquisition. American Fire Retardant Corp, American Safety Products, Inc. and AFRC Capital Group, Inc. announced a letter of intent to acquire a well-established regional transportation and material handling company in San Diego County. This new addition to the team will allow AFRC and its partner companies to more efficiently manage the costs related to distribution, control delivery schedules and plan for the continued growth in the Life Safety industry.
"In addition to adding to both our short-term and long-term growth strategies," Mr. Randy W. Betts, AFRC's CFO says, "this acquisition will add substantially to our revenue numbers." He adds, "AFRC has greatly reduced debt this year and now we are focused on increasing revenues and earnings."
Mr. James Wheeler, Vice President of Sales and Marketing, added "In 2003-2004, we have successfully launched new products, marketed several brands and developed many new marketing concepts. We have made strategic acquisitions, identified others and with the growth mandate initiated by Mr. Stephen F. Owens, President of American Fire Retardant Corp., 2004 has been, and will continue to be, a very exciting year of growth and progress.
About American Fire Retardant Corporation
American Fire Retardant Corp. (OTCBB:AFRT - News) -- www.americanfireretardant.com -- is in the business of developing, manufacturing and marketing a line of interior and exterior fire retardant products. American Fire Retardant Corp. also designs new technology for future fire resistive applications that are being mandated by local, state and governmental agencies. Additionally, the company is active in the construction industry as sub-contractors for fire stop and fire film installations.