NEPTUNE, N.J., Sept. 16, 2013 (GLOBE NEWSWIRE) -- Sterling Consolidated Corp. (OTCBB:STCC) (the "Company"), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, today announced the strategic direction and specific selection criteria for targeted companies by Sterling's Acquisition Committee. All acquisition targets will need to meet stringent requirements in terms of business model, earnings and geographic location.
The Company's long-term goal is to create a distribution network that allows Sterling to service the entire U.S. market on a 1-day delivery basis. In order to accomplish this, the Company will specifically target acquisition candidates that are strategically located geographically and have a limited overlap in territory with the Company's existing business.
Additionally, potential acquisition candidates must meet basic valuation criteria for revenue and earnings, have a significant percentage of sales come from O-ring distribution, and have infrastructure that is compatible with Sterling's current operations.
Darren DeRosa, Chief Executive Officer of Sterling Consolidated, commented, "Now that we have formed our Acquisition Committee and laid out our selection criteria, we will be actively pursuing targets that meet our high standards. We currently have a strong network in the Northeastern U.S. market, and anticipate initially expanding our operations through acquisition along, but not limited to, the East Coast. Preliminary discussions with qualified candidates have already commenced and we look forward to securing our first acquisition as we continue to execute on our strategic plan."
About Sterling Consolidated Corp.
Sterling Consolidated Corp., through its wholly-owned subsidiary, Sterling Seal and Supply has been a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for more than 40 years. Through a combination of leveraging its logistical expertise and sophisticated, experienced management, the company intends to be an active and strategic consolidator.
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
CONTACT: Communications Contacts: Todd Fromer / Phil Carlson KCSA Strategic Communications Phone: 212-896-1215 / 212-896-1233 Email: firstname.lastname@example.org / email@example.comSource:Sterling Consolidated Corporation