(TSX - V: UZZ)
EDMONTON, April 19, 2012 /PRNewswire/ - F.V.Ramsoondar, Chief Executive Officer and Director of United Protection Security Group Inc. (UPSG or the Company), (TSX-V: UZZ) announces the following update:
The Company has executed a Letter of Intent with an Ontario-based Physical Security Guard company (the Target) with annual revenues in excess of $7 million.
The Company will work towards the execution of a Definitive Purchase Agreement on or before May 31, 2012. At that time, the exact terms of the transaction will be announced.
F.Ramsoondar stated: "I believe the addition of the Target's team with their focus and experience will put UPSG in a position to compete directly for market share in Ontario".
Upon a successful closing of this transaction, the Company's current annual revenue run-rate would exceed $43 million.
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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.