SEATTLE, Sept. 4, 2009 (GLOBE NEWSWIRE) -- SARS Corporation, a Nevada corporation d/b/a FasTech Holdings, Inc. ("SARS" the "Company") (Pink Sheets:SARO), today announced it has engaged Mayer, Hoffman, McCann, P.C. ("MHM") to assist required completion of financial performance analysis of the businesses of Swank Enterprises, Inc., d/b/a Art & Print, Inc., Associated Mechanical, Inc. and R.J. Power Plumbing & Heating Company (collectively referred as "FasTech Services"). The MHM engagement also provides for the financial analysis of T.A. Brinkoetter & Sons, Inc.("TAB"), which holds certain assets that FasTech intends to purchase.
Additionally, the Company engaged Tatum, LLC ("Tatum") to complete monthly and quarterly financial statements for FasTech Services and TAB for the period commencing January 2008 through June 2009. In addition to the balance sheet, income statement, and statement of cash flows for each period, the financial statements will include an evaluation of reserves for accounts receivable, inventory, and reconciliations of subsidiary with general ledgers (the "Tatum Agreement").
SARS entered into both the MHM Agreement and the Tatum Agreement to (i) assist in developing and organizing accounting system for FasTech (ii) assist SARS in meeting its disclosure requirements under the Exchange Act of 1934, as amended, and (iii) facilitate SARS' and Mosaic Capital LLC efforts in obtaining capital financing.
Frank Bonadio, CEO of SARS, explained, "These engagements are an important step in the integration of our financial records and strategic plans for our HVAV, electric and pluming contracting and remote monitoring and control businesses. We expect that the consolidation of FasTech's records will assist management in developing our financial and expansion strategies and will facilitate our efforts to raise capital funding."
SARS recently closed a merger agreement under which it acquired FasTech Services, which it announced in a Form 8-K filed July 9, 2009 (the "Merger"), and subsequently commenced the necessary filings to change its corporate name to "FasTech Holdings, Inc." SARS expects to complete the name change when it becomes current in its 1934 Exchange Act period filings and when it can provide audited, consolidated financial statements regarding the merged company.
About SARS Corporation ("SARS"):
SARS, d/b/a FasTech, a control systems contracting and services company, providing design and sales, installation services, and monitoring software to building owners and operators. We design, install, and service innovative systems to create comfortable, efficient environments and facilitate the use of systems automation and controls monitoring in commercial spaces. Our integrated HVAC solutions reduce energy consumption and greenhouse gases while increasing operating efficiency. We offer software solutions that enable building owners and management companies to manage the "control" assets remotely. This high level of visibility means any problems can be resolved faster, maintaining occupant comfort and minimizing deviations from energy saving strategies. Benefits of FasTech systems include reduced operating costs, preserved system investments, increased equipment life, lowered maintenance costs, rapid problem identification, and improved operating efficiency.
The SARS Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5966
FasTech Services, Inc. ("FasTech Services"), a wholly owned subsidiary of FasTech, was formed by the consolidation of a conglomerate of mechanical and electrical construction, energy infrastructure, and facilities services companies that design, install, service and monitor innovative systems that create comfortable, efficient facility environment. It installs building automation technology for commercial spaces in various industries, monitors and controls these systems from off-site locations. FasTech Services specifically provides services for industrial, residential and commercial heating ventilation and air conditioning ("HVAC") systems as well as plumbing, piping and necessary fixtures. The individual companies acquired included Environmental Insulation, Inc., ESDD, LLC, Alternatech, Inc., Swank Enterprises, Inc. d/b/a Art & Print, Inc., Associated Mechanical, Inc. and R.J. Power Plumbing & Heating Company.
For more information about FasTech, visit www.fastech-inc.com.
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Safe Harbor Statement
This Press Release may contain forward-looking statements generally identified as such because the context of the statement will include the words such as SARS "expects," "should," "believes," "anticipates" or words of similar import. Such forward-looking statements are subject to certain risks and uncertainties including the financial performance of SARS which could cause actual results, performance or achievements of SARS to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
This Press Release does not constitute or form any part of any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for any securities in any jurisdiction, nor shall it (or any part of it) or the fact of its distribution form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment therefore.
"Forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, may be included in this press release. These statements relate to future events and/or our future financial performance. These statements are predictions and may differ materially from actual future events or results. SARS disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. Please refer to the documents filed by SARS with the Securities and Exchange Commission, which identify important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to, risks associated with our ability to: (i) increase revenues, (ii) obtain profitability, (iii) obtain financing necessary to restructure its current liabilities and long term debt obligations (iv) successful integrate the business, books and records and management of the FasTech entities with SARS, (v) to actions of our competitors, (vi) develop new services and markets for our services, remain in compliance with regulatory rules and regulations and to integrate such services with the products and services of our co-joint ventures and (vii) foresee and make necessary changes to our business strategies.