MIDDLEBORO, Ky., Jan. 20 /PRNewswire-FirstCall/ -- Heartland, Inc. (OTC Bulletin Board: HTLJD), a diversified company with businesses in steel warehousing and fabrication and petroleum retail and wholesale operations, today announced that Mound Technologies, Inc., its steel fabrication subsidiary, has completed a number of projects and continues to grow its backlog.
The backlog for Mound Technologies currently exceeds $3.5 million. Preliminary unaudited results indicate that Mound finished 2009 with sales of approximately $13 million.
Tom Miller, chief executive officer of Mound Technologies, stated, "We believe we are off to a solid start in 2010, and we remain optimistic that we will see continued growth in our backlog as economic conditions gradually improve. We remain focused on our priorities while at the same time continuing to invest in those activities that are critical to our success in 2010 and beyond. As we look ahead to the recovery, Mound Technologies continues to be extremely well positioned to take advantage of a number of opportunities to expand into other regions of the county and build on its growing reputation as a leader in fabricated and value-added steel products and services."
"We are very pleased with the performance of our Mound subsidiary in 2009," noted Terry Lee, chief executive officer of Heartland, Inc. "Our ability to generate positive cash flow in a down economy bodes well for the company going forward and as we begin to benefit from an improving economy in 2010 and 2011 and beyond."
About Heartland, Inc.
Heartland, Inc. is a diversified company with businesses in steel warehousing and fabrication and petroleum retail and wholesale operations. Mound Technologies is a full service structural and miscellaneous steel fabricator located in Springboro, Ohio. Lee Oil Company services and sells over 40 million gallons of petroleum product annually through a combination of retail and wholesale operations. Heartland Steel, Inc. is a new venture which operates a structural steel service center in Washington Court House, Ohio.
Statements contained in this news release, which are not historical facts, are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Amounts herein could vary as a result of market and other factors. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.
SOURCE Heartland, Inc.