ATLANTA, July 19, 2004 (PRIMEZONE) -- Red Alert Group, Inc. announced today that it executed an Agreement and Plan of Merger with Nannaco, Inc. (OTCBB:NNCO). The Board of Directors of both Red Alert Group and Nannaco completed negotiations and signed the Merger Agreement, subject to regulatory approval and approval by Nannaco shareholders. Red Alert Group shareholders approved the merger.
Steve Careaga, current CEO of Nannaco, noted, "It is gratifying to have advanced the transaction to this point. Upon shareholder approval and completion of the necessary conditions to closing, this merger will be completed and current Nannaco shareholders will now be participating in what we believe should be a burgeoning marketplace."
Dr. Timothy Holly, CEO of Red Alert Group, said: "We believe completing this transaction will further position Red Alert to seize opportunities that will benefit the shareholders of the combined company."
Red Alert Group provides solutions for Homeland Security, Cyber Security, and Private Military Security. The firm operates in the US from its headquarters in Atlanta and its government office in Washington. Red Alert Group International BV, in The Hague, and Red Alert Group Pte. Ltd., in Singapore, are its wholly-owned subsidiaries, and it has a representative office in Kuwait. Information on Red Alert Group's services, training, products and management can be found at www.RedAlertGroup.com.
Nannaco previously provided surface cleaning, protection, and restoration services. The company became a consultant to commercial customers and is seeking to improve its financial position through a combination with a company capable of maximizing shareholder value. More information about Nannaco can be found at www.sec.gov.
Forward-looking statements in this release involve a number of risks and uncertainties including, but not limited to, successful and timely realization of the expected benefits of the merger and other risks such as the effects of competitive products and pricing, economic and political conditions, as well as the ability to pay down existing debt, unforeseen costs and expenses, and other factors over which we have little or no control may cause actual results to differ from expected results. Red Alert Group, Inc. and Nannaco, Inc. undertake no obligation to update any forward-looking statements.
The Red Alert Group company logo can be found at: http://media.primezone.com/prs/single/?pkgid=692