NEPTUNE, N.J., Nov. 15, 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 that its Acquisition Committee has issued three term sheets to prospective targets, whose revenues combine for approximately $5 million.
The acquisition targets are strategically located in regions throughout the east coast – from the Northeast to Florida – and would provide the Company with additional domestic and new international customers. Given the Company's recent closing of $2.45 million in senior bank debt, Sterling's management feels confident these term sheets can go directly to definitive agreements upon close of negotiations with minimal dilution.
Darren DeRosa, Chief Executive Officer of Sterling Consolidated, commented, "Our Acquisition Committee has done an excellent job of narrowing down our extensive target list so that we can focus on negotiations with the most likely candidates for acquisition. We have offered favorable terms to the prospective targets and for the Company, and believe we can close on these acquisitions over the coming months. Upon closing, the combined revenues from the acquisitions would provide approximately $5 million to our top line and provide further validation of our roll-up strategy."
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 of small- and mid-sized businesses within the highly-fragmented, multi-billion dollar seal industry. Currently serving more than 3,000 customers, Sterling offers acquisition targets a unique growth opportunity and competitive advantage through logistical expertise, strong regional branding and industry-specific distribution centers.
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