Jul 31 2010
Iron Eagle Group, Inc. (OTCQB: IEAGD) today announced that it has executed multiple letter of intents (LOIs) to acquire high quality targets focused on infrastructure and commercial construction.
In addition, Iron Eagle has negotiated and agreed to the terms of a definitive agreement to acquire a growing southeastern site development and excavation company. Iron Eagle expects the schedules to the definitive agreement to be completed shortly and will release additional details when the agreement has been finalized.
The total amount of revenues currently under the definitive agreement and LOIs with Iron Eagle represent approximately $50,000,000 and $10,000,000 of adjusted EBITDA for the twelve months ending December 2009 on a pro forma basis. These financial results are provided by the management of the selling companies and are subject to confirmation by certified independent auditors.
“The execution of the letters of intent validates the Iron Eagle business strategy,” stated Michael Bovalino, Chief Executive Officer for Iron Eagle Group. He added: “We now have executed agreements that bring true critical mass to our Company, with profitable growing corporate assets providing a strong foundation for exceptional growth.”
“We believe the companies under LOI have the ability to significantly benefit from Iron Eagle’s construction, federal contracting, surety, and operations expertise,” commented Jason Shapiro, Co-Founder, Director, and Executive Vice President of Corporate Strategy for Iron Eagle Group. He further added: “This will facilitate additional growth leading to revenue and margin expansion.”
The acquisitions are scheduled to close in the next 45-90 days. Due to confidentiality agreements, the names of the companies and terms of the agreements have not been disclosed. Note that there is no certainty that Iron Eagle will actually close these acquisitions.
Source: http://www.ironeaglegroup.com/