(TSX - V: UZZ)
EDMONTON, April 3, 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:
Pursuant to a press release dated March 14, 2012, the Company has successfully closed an Asset Purchase Acquisition of 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, $200,000 in cash paid on March 31, 2012, the closing date, $75,000 in cash payable three (3) months after closing date and $75,000 in cash payable six (6) months after closing date.
The Company further announces the execution of an Unsecured Term Debt Note with its New York based Lender in the amount of $200,000 which was used to fund the closing of this acquisition. The note is repayable over a one-year period in equal blended interest and principal installments of $17,863.46.
F.Ramsoondar states" I now have the financial support of my New York Lender for future acquisitions, and will continue to pursue other acquisition opportunities this year. I am committed to building our revenue base while returning value to shareholders".
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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.