Sterling Consolidated Announces Formation of Acquisition Committee

NEPTUNE, N.J., June 6, 2013 /PRNewswire/ --Sterling Consolidated Corp. (OTCBB: STCC) (the "Company"), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, today announced that it has formed an Acquisition Committee (the "Committee") to search, review and approve of acquisition targets as the Company looks to consolidate the highly fragmented O-ring distributor market.  The Company is currently pursuing and evaluating several opportunities to aggressively grow its business and the Committee will serve to assist and spearhead in prioritizing these opportunities.

Darren DeRosa, Chief Executive Officer of Sterling Consolidated, commented, "We are excited about a number of current and future prospects under review.  With the formation of our Acquisition Committee in place, we are now in a great position to consolidate small O-ring distributors that will enhance our geographic footprint and immediately contribute to our top and bottom lines.  We will continue to expand our Committee as we go forward, but now that we are a public company and have access to additional capital, we intend to be extremely active in pursuing these lucrative opportunities."

The Acquisition Committee, which is comprised of current board and executive management team members, includes:

• Angelo DeRosa, Chairman of the Board – Founder of the company and Committee Chair, will facilitate company transactions and will maintain oversight of valuation information;
• Darren DeRosa, Chief Executive Officer – Will develop detailed implementation strategy and assign management personnel for the implementation process;
• Scott Chichester, Chief Financial Officer – Scott was a former CPA with Goldman Sachs and Ernst & Young. He has over 20 years of experience in accounting and finance and will oversee accounting integration protocol in addition to valuation;
• John Magoulis, National Sales Manager – 35 years of experience in sales and marketing. John brings established relationships with top executives at potential targets and is responsible for the identification and introduction of targeted acquisitions.

Stemming from current relationships of the experienced Committee members, Sterling Consolidated has identified several acquisition candidates, most of which have aging management, strategically located facilities, and/or product lines that complement those of the Company. Looking forward, the Committee will continue to provide valuation and due diligence oversight on financial, legal, operational and ISO regulations. Post-acquisition responsibilities will include renegotiating and re-sourcing large contracts, cross selling with new product lines, and integration expertise, such as identifying and elimination redundancy in the sectors of operations, accounting, sales, inventory and human resources.

About Sterling Consolidated Corp.  

Sterling Consolidated Corp., through its wholly-owned subsidiary, Sterling Seal and Supply has been a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for more than 40 years. Through a combination of leveraging its logistical expertise and sophisticated, experienced management, the company intends to be an active and strategic consolidator of small- and mid-sized businesses within the highly-fragmented, multi-billion dollar seal industry. Currently serving more than 3,000 customers, Sterling offers acquisition targets a unique growth opportunity and competitive advantage through logistical expertise, strong regional branding and industry-specific distribution centers.

Forward-looking Statements

This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.

Communications Contacts:
Todd Fromer / Phil Carlson
KCSA Strategic Communications
Phone: 212-896-1215 / 212-896-1233
Email: [email protected] / [email protected]

SOURCE Sterling Consolidated Corp.