United Protection Security Group Inc. - Acquisition and Corporate Update
United Protection Security Group Inc. (TSX - V: UZZ)
EDMONTON, March 12, 2012 /PRNewswire/ - F.V.Ramsoondar, Chief Executive Officer and Director of United Protection Security Group Inc. (UPSG or the Company), (TSX-V: UZZ) is pleased to announce the following updates:
|a)||The Company has successfully closed a Camrose, Alberta asset acquisition of a Physical Security Guard company that currently generates approximately $600,000 in annualized revenues. This acquisition is in line with the Company's objective for expansion across Canada. The total consideration for the asset acquisition is $130,000, payable by way of $50,000 in cash on or before March 31, 2012, the closing date, $50,000 in cash six (6) months after closing date and $30,000 in cash nine (9) months after closing date.|
|b)||The Company will not proceed with an Equity Line Financing Facility pursuant to a press release dated July 12, 2010. With the successful close of a Receivable Financing Facility of USD $4.5 million with a New York Asset Based Lender, the Company is now in discussions with the lender for Term Debt Financing and Equity Financing to be used for future acquisitions.|
|c)||The Company has appointed Mr. Darcy Ogrodnick, CA as its Chief Financial Officer. Mr. Ogrodnick has held various management positions with public companies since 2004, and has been providing financial consulting services to junior exploration companies since 2008. Prior to 2004, he worked for both international and Saskatchewan-based accounting firms serving clients in a number of industries. A Chartered Accountant since 2001, Mr. Ogrodnick holds a Bachelor of Commerce Degree and Master of Professional Accounting degrees from the University of Saskatchewan.|
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Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks related to business development and retention, and risks related to the current economic and credit conditions. As a result, actual results may vary materially from those described in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE United Protection Security Group Inc.