Aug 25 2010
Iron Eagle Group, Inc. (OTCQB: IEAG) today announced that it has entered into a definitive agreement to acquire the assets of Farache Enterprises, Inc., a leading Florida based regional site development, excavation, and road building construction firm.
Farache’s business and assets will be transferred to a new entity 100% owned by Iron Eagle and will be called Farache Enterprises, a division of Iron Eagle Group, Inc. Moshe Farache, President and Founder of Farache Enterprises, Inc. will become President of the new division.
"We are very excited about establishing a strong base in Florida and the Southeast. Due to the strong growth in that region, there is considerable Federal and State infrastructure work in process and scheduled for the next decade in the Southeast.” commented Michael Bovalino, Chief Executive Officer of Iron Eagle Group. He further added “Farache has continuously built and improved market share, and we are confident that we will be able to further augment that growth and build additional value for all of our stakeholders”.
"I was immediately impressed with the institutional quality and deep construction experience of the management team that Iron Eagle has assembled,” stated Moshe Farache, President and Founder of Farache Enterprises, Inc. He added, “On behalf of myself and our employees, we anticipate wonderful growth, continued profitability, and improved customer service, business practices, and efficiencies as part of the Iron Eagle Group. ”
The final closing is expected to occur in the next 30 days. During this time period, Iron Eagle’s management team is working closely with the team at Farache to insure a smooth transition.
Source: http://www.ironeaglegroup.com/