EDMONTON, Jan. 29 /PRNewswire-FirstCall/ - S. Jorstad, Chairman,
President and CEO of United Protection Security Group Inc. (UPSG or the
Company), a Canadian based company, trading on the TSX-Venture Exchange,
under the symbol (TSX-V: UZZ) announces that it has entered into a
non-binding term sheet with respect to the purchase of a major U.S. based
Security Services provider.
Final details of the proposed acquisition will be determined on
completion of the formal agreement. Annual sales of the target company were
just under $100,000,000.US in 2007. The purchase price, for a controlling
interest, is proposed to involve cash, shares and a vendor take-back. Cash
to close is intended to be raised through a share offering led by a major
investment banking firm and other investment firms by way of prospectus.
Mr. Jorstad states that this acquisition, which provides both man guard
and electronic video surveillance services with multi branch offices in the
US, will provide United Protection Security Group Inc. with the link it has
been looking for in the US market, as well as greatly expand its video
surveillance and monitoring operations. Closing of the transaction is
targeted for March 31, 2008.
This transaction is subject to reaching agreement on the terms and
conditions in a definitive purchase agreement and will require approval
from the Board of Directors of UPSG and the TSX-Venture Exchange.
About United Protection Security Group Inc.
United Protection Security Group Inc. is an established security
protection company focused on high impact, high visibility, and high risk
security situations, coupled with one of the broadest ranges of traditional
private security services in the industry.
Delivering 21st Century Solutions to centuries old problems through a
network of 'Elite Private Protection Professionals'.
Pro-Active and Progressive Management has moved the company into the
ranks of one of the most dynamic security companies in Western Canada. With
a strong foundation and a dedicated professional management team, we are
moving forward into the next level in our development strategy.
United Protection Security Group Inc. is committed to providing its
clients with a "superior quality service" at a competitive price. It is
further committed to providing its employees and associates with the
assistance, support, and opportunity to maximize their individual potential
for excellence, peak performance and personal growth. It is the Company's
policy and highest priority to protect the health and welfare of all its
clients and employees and their respective property.
Certain statements contained in this press release, including
statements which may contain words such as "could", "should", "expect",
"anticipate", "believe", "will", and similar expressions and statements
relating to matters that are not historical facts are forward looking
statements. Such forward looking statements involve known and unknown risks
and uncertainties which may cause the actual results, performances or
achievements of UPSG to be materially different from any future results,
performances or achievements expressed or implied by such forward looking
statements. Such factors include changes in external market conditions,
demand for the company's services, availability of capital, the company's
ability to attract and retain key personnel and other factors.
Stock Awareness Activities
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UZZ), visit our website at www.unitedprotection.com
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the web page www.unitedprotection.com and click the tab 'request
information' and follow the Prompts.
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
United Protection Security Group Inc.
SOURCE United Protection Security Group Inc.