SCOTTSDALE, Ariz., Oct. 8, 2009 (GLOBE NEWSWIRE) -- EGPI Firecreek, Inc. (OTCBB:EFIR) (the "Company") is pleased to announce that it has entered into a global institutional public relations and strategic corporate finance program with Wakabayashi Fund LLC out of Tokyo, Japan. The Company further reports progress and position at mid-fourth quarter operations for development of its overall operations.
Wakabayashi Fund LLC is a private equity consulting firm that provides institutional corporate finance and international investor relations services. Headquartered in Tokyo, Japan with additional offices in New York, Wakabayashi Fund LLC will use all of its international resources to increase market exposure and global awareness for EGPI Firecreek, Inc. while assisting with the Company's ongoing structured financing requirements for oil and gas development and acquisitions, working capital, and the Company's M3 unit operations.
Dennis Alexander, Chairman and CEO of EGPI Firecreek, Inc., stated, "I am very pleased to be working side by side with the outstanding executive group at the Wakabayashi Fund. We feel especially fortunate that they see the same tremendous upside potential in our 2009 development of multiple lines of business and acquisition strategies related to lighting and signalization which has been initiated via our M3 unit, as well as our plan for a focused development for acquisitions related to deployment of oil and gas." As previously reported, Mr. Alexander stated, "Although we have dedicated a tremendous effort in the success of our M3 subsidiary, we aggressively look to increase our diversification into the energy market by initiating oil and gas development in anticipation of the eventual spin-off of our wholly owned subsidiary Energy Producers, Inc. We anticipate positive results from our project financing efforts and expect future updates pertaining to our commitment to, once again, become an oil producing company."
Mid-Fourth Quarter Status Update
LOI With Second Florida Based Company
EGPI Firecreek, Inc. recently reported it has signed and letter of intent with a second Florida based company who has been in business since 2000 with several offices staffing approximately 50 employees. The Company is engaged in all facets of the DOT construction industry. This acquisition meets with the Company's strategic plans and objectives for building vertical growth and diversified revenue streams through the acquisition of similar companies that are related in the deployment and sales of Intelligent Traffic Systems throughout the Southeastern parts of the United States. The Company, who has been in business since 2000 with several offices staffing close to 50 employees, has created its market share of business throughout this geographical region, and last year reported over $14 million in annual revenues.
SATCO Acquisition Second Update
As previously reported, EGPI Firecreek, Inc. announced the signing of a binding Letter of Intent to acquire South Atlantic Traffic Corporation. To date, EGPI Firecreek, Inc. is pleased to announce that all due diligence phases have been completed, and is expecting the final completion of SATCO's audited financials within the next 30 days, in order to move into a Definitive Agreement and finalize the acquisition. SATCO, who has been in business since 2001 and has several offices throughout the Southeastern United States, reported nearly $15 million in annual revenues for 2008. SATCO's products range from traffic signal equipment, traffic & light poles, and data/video systems for ITS surveillance systems.
SATCO is pleased to recently report that they have entered into an exclusive Distributor Agreement with a company that manufactures industrial wireless data radio modem communication networks with optional embedded GPS radio location monitoring technology. The second agreement is with a company that manufacturers spun concrete poles, high quality decorative outdoor lighting fixtures, fabricated metal poles, arms, and site furnishings. The additional lines will be a huge complement to an already robust product offering of traffic and intelligent transportation products currently represented by SATCO.
South Atlantic Traffic Corporation (SATCO) offers a comprehensive selection of the finest transportation products available. SATCO works closely with DOT agencies, local traffic engineers, contractors, and consultants to customize high quality traffic control systems.
Other EGPI Firecreek, Inc. 2009 Primary Accomplishments To Date Include:
Oct. 6, 2009 -- Prime Star Group, Inc. (OTCBB:PSGI) announced that its wholly-owned subsidiary, IntelA-Pac, Inc., is operational and has secured a contract with M3 Lighting, Inc. for disaster relief efforts, utilizing the strategic agreement between Prime Star Group, Inc. and EGPI Firecreek, Inc. Under the terms of the agreement, Prime Star will provide products and services, related technology, and expertise to the already established M3/CST Federal Joint Venture.
Oct. 5, 2009 -- EGPI Firecreek, Inc. (OTCBB:EFIR) announced signing of a letter of intent to acquire a privately owned signalization, intelligent traffic systems and lighting company in Florida and servicing the southeast United States.
Sept. 30, 2009 -- EGPI Firecreek, Inc. (OTCBB:EFIR) and Prime Star Group (OTCBB:PSGI) announce that they have entered into a strategic partnership. EGPI Firecreek's wholly owned subsidiary, M3 Lighting, Inc. (M3), has signed an agreement with Prime Star Group, Inc. Under the terms of the agreement, Prime Star will provide products and services, related technology, and expertise to the already established M3/CST Federal Joint Venture. In addition, M3 will provide marketing and logistical services to Prime Star.
Sept. 17, 2009 -- EGPI Firecreek, Inc., (OTCBB:EFIR) announced that it completed a binding Joint Venture Agreement with CST Federal Services, Inc. (referred as "CST") of Washington D.C. and CORDIL Ltd., of Ireland ("CORDIL").
Sept. 15, 2009 -- EGPI Firecreek, Inc. (OTCBB:EFIR) announced that it added Mr. Garrett Sullivan to its Board of Directors.
Aug. 27, 2009 -- EGPI Firecreek, Inc. (OTCBB:EFIR) announced that it signed a binding letter of intent to acquire privately owned South Atlantic Traffic Corporation ("SATCO"), a Florida corporation.
July 7, 2009 -- EGPI Firecreek, Inc. (OTCBB:EFIR) announced the appointment of Michael D. Brown to its Board of Directors.
June 29, 2009 -- EGPI Firecreek, Inc. (OTCBB:EFIR) announced completing its initial evaluation of an anticipated acquisition and turn-key work program for a 50% working interest in a program consisting of three existing wells, associated lease acreage and equipment.
June 17, 2009 -- EGPI Firecreek, Inc. (OTCBB:EFIR) announced retirement of approximately $500,000 of debt held by the Company through a spin-off assignment of its former wholly owned subsidiary unit, Firecreek Petroleum, Inc.
June 10, 2009 -- EGPI Firecreek, Inc., (OTCBB:EFIR) announced that it finalized a Triangular Merger Agreement with U.S. based M3 Lighting, Inc. of Atlanta, Georgia. EGPI Firecreek, Inc.'s (the "Company") new subsidiary Asian Ventures Corp., a Nevada corporation (the "Subsidiary"), M3 Lighting, Inc., a Georgia corporation ("M3"), and Strategic Partners Consulting, L.L.C., a Georgia limited liability company ("Strategic Partners"), executed and finalized a Plan and Agreement of Triangular Merger, whereby M3 merged into the Subsidiary, a wholly-owned subsidiary of the Company (the "Merger").
February 23, 2009 -- EGPI Firecreek, Inc. (OTCBB:EFIR) announced receipt of an independent reserve report regarding the Company's previously announced LOI for the acquisition of a West Texas oil and gas rehabilitation and development project located in Haskell, Shackelford and Jones counties, Texas.
February 19, 2009 -- EGPI Firecreek, Inc. (OTCBB:EFIR) announced that as part of its restructuring efforts initiated in late December 2008, it has signed a Letter of Intent with Templar PetroConsultants ("Templar") to acquire, rehabilitate, and develop West Texas Oil and Gas projects, with wells and field operations in Haskell, Shackelford and Jones counties, Texas.
February 17, 2009 -- SmallCapVoice.com, Inc. announced that a new audio interview featuring EGPI Firecreek, Inc. (OTCBB:EFIR), a U.S. company currently focused on oil and gas activities for development and production of oil and natural gas, is now available at SmallCapVoice.com.
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc., before the decision to transition to embark on an acquisition strategy centered on the vertical integration of enterprises serving the DOT Construction and Intelligent Traffic System markets, through its wholly owned subsidiary M3, Inc., was historically focused on oil production with an emphasis on acquiring existing oil fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories on an international basis through the wholly owned subsidiary Energy Producers, Inc. ("Energy Producers"). EGPI Firecreek, Inc. is also looking to expand into Alternative energy sources as well as industries in the energy field. Other companies in the oil sector include Exxon Mobil, Pantina Oil and Gas Inc., Frontier Oil Inc., and Cabot Oil & Gas Inc. through Energy Producers as well.
The EGPI Firecreek, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6259
Safe Harbor
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 EGPI Firecreek, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" 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 EPGI Firecreek Inc.'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. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreek, Inc.'s filings with the Securities and Exchange Commission.