DENVER, Jan. 24 /PRNewswire/ -- CITADEL ENVIRONMENTAL GROUP, INC. (OTC Bulletin Board: CTEV) announced today the acquisition of 100% of the outstanding shares of CO COMP Inc., a Colorado-based data storage solutions provider. The acquisition was made on January 21, 2000 for a combination of cash and Citadel preferred shares. In 1999, CO COMP Inc. produced annual gross revenues of approximately $9,000,000 on sales of data storage systems and services to commercial clients in the western United States. Utilizing various hardware and software products and manufacturers, CO COMP Inc. designs and implements data storage solutions and provides long-term data storage administration and management servicing. CO COMP Inc. has offices in Phoenix, AZ, and Dallas, TX, with Colorado locations in Boulder, Fort Collins, and Colorado Springs. The business will operate as a wholly owned subsidiary of Citadel under the name of STORAGE AREA NETWORKS (SAN), the Company's primary asset focusing on data storage solutions for a variety of expanding market segments, including "Dot.com" companies, Internet Service Providers, and the U.S. federal government. CO COMP Inc. principals Keith Shields and Steve Davis will join the management team of SAN working under SAN co-founder and Citadel Chief Executive Officer, L.W. "Buck" Buxton. According to Mr. Buxton, "the acquisition of CO COMP Inc. and its established data storage customer accounts is strategically important to SAN because it increases our technical service capabilities while bringing important new commercial customers from a diversified geographic area. With the addition of CO COMP, Inc., SAN has a balanced business framework to effectively exploit both government and commercial data storage opportunities on a national level. This acquisition provides valuable synergies that we believe will enhance the operations of SAN with the goal of increasing shareholder value over the long term. Citadel plans to complete similar acquisitions in the future, to provide Storage Area Networks with the necessary momentum and expanded infrastructure to meet the exploding demands for data storage capacity in the marketplace." Citadel Environmental Group, Inc. (OTC Bulletin Board: CTEV) is a public holding company based in Castle Rock, CO. At the next meeting of shareholders later this year, Citadel plans to change its name to "SAN HOLDINGS INC." to reflect the new business and direction of the Company. The lead market maker for the Company's securities is Spencer-Edwards, Inc. of Englewood, Colorado. For more information, please contact Mr. Jerry Kirby at SEI: (303) 740-8448.
SOURCE Citadel Environmental Group, Inc.