Windswept Environmental Group, Inc. Announces the Signing of a Letter of Intent to Acquire a Restoration Contractor in the Carolinas
Posted on: Tuesday, 12 June 2007, 10:52 CDT
HOLTSVILLE, N.Y., June 12 /PRNewswire-FirstCall/ -- Windswept Environmental Group, Inc. (BULLETIN BOARD: WEGI.OB - News) announced today the signing of a letter of intent to acquire a well-established restoration company in the Carolinas.
Michael O'Reilly, Chairman and CEO of Windswept, stated, "The signing of this letter of intent is a culmination of our two-year discussions with this contractor. We are very comfortable with this potential acquisition as we have worked with their management and personnel many times in the past, using them as a sub-contractor. This acquisition would be a very good fit for our business plan as it gives us an additional strategically significant facility in the increasingly storm-challenged East Coast. This acquisition will also support our day-to-day business with our expanding national client list and, along with our existing locations in Long Island, New York; Florida; and Louisiana; we will be in a position to more quickly respond to our clients' needs from the Gulf of Mexico up through New England. We will be working hard to complete the acquisition as the timing is very important, due to the onset of what is forecasted to be a severe hurricane season." Consummation of the proposed acquisition is subject to the completion of our due diligence and the entry into definitive agreements.
Windswept Environmental Group, Inc. is a full service environmental company that provides a wide array of emergency response and disaster recovery services to a broad range of clients. The Company has expertise in areas of fire and flood clean-up, oil spill and natural resource response, wildlife rehabilitation, hazardous materials remediation, testing, toxicology, training, technical advisory and site renovation.
This press release includes certain forward looking statements about the Company that are based on management's current expectations. Actual results may differ materially as a result of any one or more of the risks identified in the Company's filings under the Securities Exchange Act of 1934. The risks include such factors as the Company's significant indebtedness, the amount of the Company's revenues, the Company's ability to increase its gross margins, the success of limiting or reducing its expenses, the frequency and magnitude of environmental disasters or disruptions, the effects of new laws or regulations relating to environmental remediation, the Company's ability to raise capital, the competitive environment within the Company's industry, dependence of key personnel and economic conditions.
Windswept Environmental Group, Inc.
CONTACT: Theresa Filiberto, Executive Assistant, Windswept EnvironmentalGroup, Inc., +1-631-289-5500, fax, +1-631-447-1680,Teresa@tradewindsenvironmental.com
Web site: http://www.twenv.com/
Source: PRNewswire-FirstCall
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