SOURCE: EGPI Firecreek, Inc.
July 22, 2010 08:39 ET
EGPI Firecreek Signs Definitive Stock Purchase Agreement With E-Views Safety Systems, Inc.
Acquisition Targets Growth for EGPI's ITS Division
SCOTTSDALE, AZ--(Marketwire - July 22, 2010) - EGPI Firecreek, Inc. (OTCBB: EFIR) announced today that it has finalized a Definitive Stock Purchase Agreement with E-Views Safety Systems, Inc. (referred as "E-Views") to be operated through its new subsidiary unit EGPI Firecreek Acquisition Company, Inc.
Founded in 1998, E-Views is a leading edge innovator and provider of patented advanced wireless "smart infrastructure" technologies that incorporate intelligent traffic, transit, and light rail systems with messaging and communications that enable municipalities worldwide to provide first responder prioritization, traffic congestion mitigation, emergency evacuation coordination, multi-agency communications interoperability, nuclear/biological/chemical detection and data reporting.
Additionally, the California Institute of Technology ("CalTech") holds an equity position in E-Views. The Technology Affiliates Agreement between E-Views and CalTech/Jet Propulsion Laboratories ("JPL") is designed to commercialize leading-edge space technology focused on public transportation and safety. Currently, CalTech provides extensive resources to E-Views through JPL in the areas of advanced Global Positioning Systems, Bio-Chemical Hazard Sensors, next generation detection and warning technologies for railroad crossings, solar systems for remote equipment on urban roadways, and extreme environment electronics for very hot and cold climates. These technologies can be integrated into future products to provide significant enhancements to public transportation and safety systems and give E-Views a tremendous competitive advantage.
E-Views currently owns 7 patents with an additional 6 patent pendings giving them an Intelligent Transportation Systems ("ITS") product that is one of the most advanced Intersection Infrastructure Technologies available today. In 2006 E-Views received approval from Houston Transtar and implemented its first multi-million dollar contract with the 3rd largest county in the U.S., Harris County, Texas, for its EVP System. As a result of its success in Texas, E-Views is quickly becoming the standard in ITS Systems for progressive municipalities throughout North America. The company's sales are beginning to enjoy significant growth as initial purchase orders have been received from as far north as Montreal, Canada to Henderson, Nevada.
Dennis Alexander, EGPI's President, stated, "This Agreement has been 12 months in the making and represents potentially one of the most significant transactions our Company has done to date. The technology that E-Views owns is without a doubt, the most technology advanced system in the marketplace. We feel very fortunate to have the opportunity to not only work with their current management team, but also be a part of their continued growth and success."
James Davidson, E-Views President and CEO, stated, "I am very excited about the relationship we have created with EPGI Firecreek, Inc. Their capital infusion will provide working capital needed to support and sustain our immediate growth." He also stated, "Their ITS subsidiaries will also bring unique market synergy, as we both begin to work together, in providing innovative solutions to public safety, as well as, domestic and global transportation challenges."
Terms of the Stock Purchase Agreement will provide for up to a 51% interest in E-View Safety Systems and exclusive distribution and sales rights in various states.
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc.'s business and acquisition strategy is focused on both the vertical integration of enterprises serving the DOT Construction and Intelligent Traffic System markets alongside its wholly owned subsidiary M3, Lighting, Inc. (M3), and on oil and gas production with an emphasis on acquiring existing fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories, through its wholly owned subsidiary Energy Producers, Inc. (Energy Producers). EGPI Firecreek, Inc. is also looking to expand into Alternative energy sources as well as industries in the energy field. Other companies in the oil sector include Exxon Mobil, Pantina Oil and Gas Inc., Frontier Oil Inc. and Cabot Oil & Gas Inc.
About E-Views Safety Systems, Inc.
E-Views, through its network of affiliates, has transitioned from a research and development company, to an emerging growth provider of critical infrastructure technologies, focused on wireless intelligent traffic, traffic safety, dynamic LED signage, and communications systems. The Company's solutions based approach to solving complex public safety and homeland security problems, enables it to offer "cost-effective solutions" to municipalities, traffic engineers and metropolitan planning organizations worldwide.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 EGPI Firecreek, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" 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 EPGI Firecreek Inc.'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. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreek, Inc.'s filings with the Securities and Exchange Commission.