Sterling Consolidated Announces Selection Criteria for Acquisition Targets
16 Septembre 2013 - 3:00PM
Sterling Consolidated Corp. (OTCBB:STCC) (the
"Company"), a leading supplier of hydraulic and pneumatic seals to
the automotive and industrial marketplace, today announced the
strategic direction and specific selection criteria for targeted
companies by Sterling's Acquisition Committee. All acquisition
targets will need to meet stringent requirements in terms of
business model, earnings and geographic location.
The Company's long-term goal is to create a distribution network
that allows Sterling to service the entire U.S. market on a 1-day
delivery basis. In order to accomplish this, the Company will
specifically target acquisition candidates that are strategically
located geographically and have a limited overlap in territory with
the Company's existing business.
Additionally, potential acquisition candidates must meet basic
valuation criteria for revenue and earnings, have a significant
percentage of sales come from O-ring distribution, and have
infrastructure that is compatible with Sterling's current
operations.
Darren DeRosa, Chief Executive Officer of Sterling Consolidated,
commented, "Now that we have formed our Acquisition Committee and
laid out our selection criteria, we will be actively pursuing
targets that meet our high standards. We currently have a strong
network in the Northeastern U.S. market, and anticipate initially
expanding our operations through acquisition along, but not limited
to, the East Coast. Preliminary discussions with qualified
candidates have already commenced and we look forward to securing
our first acquisition as we continue to execute on our strategic
plan."
About Sterling Consolidated Corp.
Sterling Consolidated Corp., through its wholly-owned
subsidiary, Sterling Seal and Supply has been a leading supplier of
hydraulic and pneumatic seals to the automotive and industrial
marketplace for more than 40 years. Through a combination of
leveraging its logistical expertise and sophisticated, experienced
management, the company intends to be an active and strategic
consolidator.
Forward-looking Statements
This release contains statements that constitute forward-looking
statements. These statements appear in a number of places in this
release and include all statements that are not statements of
historical fact regarding the intent, belief or current
expectations of the Company, its directors or its officers with
respect to, among other things: (i) the Company's financing plans;
(ii) trends affecting the Company's financial condition or results
of operations; (iii) the Company's growth strategy and operating
strategy; and (iv) the declaration and payment of dividends. The
words "may," "would," "will," "expect," "estimate," "anticipate,"
"believe," "intend," and similar expressions and variations thereof
are intended to identify forward-looking statements. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, many of which are beyond the Company's ability to
control, and that actual results may differ materially from those
projected in the forward-looking statements as a result of various
factors.
CONTACT: Communications Contacts:
Todd Fromer / Phil Carlson
KCSA Strategic Communications
Phone: 212-896-1215 / 212-896-1233
Email: tfromer@kcsa.com / pcarlson@kcsa.com
Sterling Consolidated (CE) (USOTC:STCC)
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