United Protection Security Group Inc. (TSX - V: UZZ)
EDMONTON, March 14, 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 that the Company has executed an Asset Purchase Agreement with a Physical Security Guard company based in Alberta with annual revenue in excess of $1.2 Million.
The total consideration for the asset acquisition is $350,000, payable by way of $200,000 in cash on or before March 31, 2012, the closing date, $75,000 in cash three (3) months after closing date and $75,000 in cash six (6) months after closing date. The transaction is subject to the Company performing satisfactory due diligence on or before March 24, 2012.
Pursuant to a press release dated March 12, 2012, the Company will add a total annual run rate in acquisition revenue in excess of $1.8 Million with the successful closing of this acquisition, and will add an additional Branch Location.
F.Ramsoondar stated, "I am committed to building the Company's revenue base on a consistent basis through organic growth and through accretive acquisitions. I have built a strong management team over the last year and am committed to moving the Company forward".
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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.