SCOTTSDALE, Ariz., Oct. 12, 2009 (GLOBE NEWSWIRE) -- EGPI Firecreek, Inc. (OTCBB:EFIR) (the "Company") is very pleased to announce that they have received a favorable term sheet for accounts receivable financing through Creative Capital Associates for an initial $1,000,000 with provisions for six additional $500,000 increments (based upon availability) for a total of $4,000,000.
This financing represents the last contingency for the Company's acquisition of privately held Southern Atlantic Traffic Corporation ("SATCO") prior to the completion of the final documents. As previously reported, SATCO offers a comprehensive selection of the finest transportation products available. SATCO's products range from traffic signal equipment, traffic & light poles, and data/video systems for ITS (Intelligent Traffic Systems) surveillance systems. SATCO works closely with DOT agencies, local traffic engineers, contractors, and consultants to customize high quality traffic control systems for city, state and federal municipalities. SATCO, who has been in business since 2001 and has several offices throughout the Southeastern United States, reported nearly $15 million in revenues for 2008.
Dennis Alexander, Chairman and CEO of EGPI Firecreek, Inc., stated, "We are very pleased with the term sheet for A/R financing we have received from Creative Capital Associates. Along with the completion of documentation, this financing will finalize the last of the contingencies necessary for the SATCO acquisition to take place. Additionally, we are excited to add SATCO's revenues to our balance sheet on a ProForma basis, and are especially excited with what that will mean to the growth of the Company as well as increased shareholder valuation. This completes our first phase of transition in our business plan which was initiated with the acquisition of M3 Lightning, Inc. Our strategic plan is dependent on organic growth and continuing acquisitions in the DOT and ITS industry. We believe SATCO provides a complete base for both allowing us to meet and exceed our criteria. With the SATCO acquisition, and our most recently announced LOI for the acquisition of a Florida-based traffic lighting company, we can realistically project revenue streams in excess of 30 million dollars a year, along with positive EBIDTA and net earnings per share from operations beginning in 2010." He also stated, "This finance opportunity was made possible through the quick and efficient efforts of Mr. George Dooley, President and CEO of The Small Business Money Store. His ability to sift, sort, analyze and find an appropriate funder for our needs was quick, efficient and spot on."
For more information on The Small Business Money Store please see: http://thesmallbusinessmoneystore.com
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc. has been 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 their wholly owned subsidiary Energy Producers, Inc. ("Energy Producers"). In 2009, they took an aggressive approach to transition 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. Through this diversification they have been able to show exponential growth and ever increasing shareholder valuation.
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.
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.