SOURCE: National Automation Services, Inc.

November 19, 2007 09:15 ET

National Automation Services, Inc. Announces the Appointment of New CFO and Auditors as Prelude to Filing for Reporting Status With the SEC and Upgrade in Trading Status

LAS VEGAS, NV--(Marketwire - November 19, 2007) - National Automation Services, Inc. (PINKSHEETS: NASV) (www.n-a-s-inc.com) is pleased to announce its has retained an SEC Auditing Firm to conduct a full two-year audit of NASV's operations, which will include its subsidiaries ISS and Intecon Controls. The auditors will also audit the operations of each future acquisition which is made from this time forward as part of NASV's national expansion plan. Additionally, the Company is announcing the appointment of its new CFO, Jonathan Woods, who will interface with the auditors, as well as oversee all financial operations at the Company.

Mr. Woods holds a Bachelors of Science and Business Administration (B.S.B.A.) from the University of Nevada, Las Vegas, and as Corporate CFO who will also serve on the Audit Committee. Mr. Woods has spent over 12 years in the accounting industry, serving both public and privately held companies at Deloitte & Touche, Ernst & Young, and De Joya Griffith & Company. During his tenure with these firms, Mr. Woods consulted with small and mid-sized public companies in compliance issues under the Sarbanes-Oxley Act of 2002. His roles included project planning, designing, documenting, implementing, testing, monitoring, and maintaining effective Internal Control over Financial Reporting.

Lynda R. Keeton CPA firm, a Las Vegas auditing firm specializing in small public companies, will begin the consolidated audit in January, 2008, and anticipates completing the audit by the end of the first quarter in 2008. The Board of Directors approved Keeton's firm at the last Board Meeting and also appointed the Audit Committee headed by Fred Petit, Chairman, to which the auditors will directly report. Simultaneous with this audit, the Company's SEC counsel will prepare a Form 10, which will be filed in order for the Company to become a fully reporting company with the SEC, and therefore qualify for a listing on the NASD Electronic Bulletin Board, with a goal of obtaining a listing on NASDAQ by the third quarter of 2008.

Robert Chance, CEO of National Automation Services, Inc., in announcing the appointments, stated: "We have made a commitment to all of our shareholders, which includes the owners of each of the acquisitions we are making, to take the necessary steps to upgrade our trading status in the near term and the maximization of shareholders' value when the Company anticipates an industry exit in 2009 or early 2010. In order to obtain our short term, as well as long term objectives, the Company has hired Jonathan to oversee our financial results and to be an integral part of the audit, the filing of quarterly and annual reports with the SEC, and in monitoring the operations of our various subsidiaries. We are also pleased to appoint the Keeton auditing firm as an important part of our process of progressing as a public company."

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ABOUT NATIONAL AUTOMATION SERVICES, INC.

National Automation Services, Inc. is a public holding company for specialized automation control companies located in the Southwestern United States. The Company presently owns 100% of the stock in Intuitive System Solutions Inc. ("ISS") of Las Vegas, Nevada. Since its formation in 2001, ISS has positioned itself as a leading system integrator and UL Certified panel facility. The Company has evolved to focus on two distinct lines of business. Each of these lines is linked to the foundation of the business -- integrated and automated systems controls.

The Company currently focuses on:

Industrial Automation and Control. ISS has an experienced staff of electrical and control engineers, as well as project managers, with over 80 years combined experience in industrial automation and controls. The Company's business is currently focused in Nevada, Arizona and Utah, but it intends to expand through internal growth and acquisitions into California, Texas and New Mexico and other western states during 2007 and 2008. From this segment of the business, ISS is projected to realize $4 million of gross revenues in 2007 and increase the gross revenues from this division to over $21 million in the next two years. As an example of the type of services provided by ISS in this division, a major national airline utilizes ISS extensively for automation projects at Las Vegas McCarren International Airport.

Automation Manufacturing. The Company is a certified Underwriters Laboratories Panel fabrication facility. This nationally recognized regulatory body provides ISS with significant marketplace credibility for custom control panel assembly and fabrication to its clients. From this segment of the business, ISS is projected to realize $1 million of gross revenues in 2007 and increase the gross revenues from this division to over $4 million in the next two years

NAS projects achieving gross revenues in 2007 of $4,544,094, with a net pre-tax income of $1,781,688. Through an acquisition strategy that encompasses a minimum of one major acquisition per quarter, as well as through internal growth of ISS, due to its recently granted increase in licensing capacity to $2 million per project, the Company should increase gross revenues to $25,780,972 in 2008, with net pre-tax income of $16,190,755. With a total of 40 million shares outstanding the management of the Company projects earnings per share of $0.03 in 2007 and $0.27 in 2008.

National Automation Services, Inc. recently announced that its has reached an agreement to purchase Intecon Controls ("Intecon"), located in Phoenix, Arizona, for a combination of cash and restricted stock worth $1.75 Million. Intecon (www.intecon-az.com), a 9-year-old company, specializes in engineered controls, UL Certified Panel Facility and Systems Integration, that services the Arizona Industrial and Municipal Market. As part of the agreement, the current shareholders and management of Intecon, Brandon Spiker and David Marlow, who have over 50 years of combined automation and controls experience, have agreed to stay with Intecon for a minimum of two years after the closing. The closing is anticipated to occur on or before December 31, 2007.

Intecon was established by its present shareholders in 1998 and presently employs 15 engineers and staff. The company historically averages between $2.5 million and $3.5 million in gross revenues, with net profit margins of approximately 20%. NAS estimates that there are cost synergies between ISS, another wholly owned subsidiary of NAS, and Intecon of immediate savings of 15 to 20% in reduced overhead, accounting and legal costs, which should fall immediately to the bottom line of NAS on a consolidated basis. NAS anticipates doubling the revenues of Intecon in 2008 through the introduction of national clients available to NAS who have the need of localized products and services in the Phoenix market, and well as through increased marketing of Intecon services throughout Arizona.

FORWARD-LOOKING STATEMENT: This press release contains forward-looking statements, including expected industry patterns and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: the sustainability of recent growth rates in the automation controls industry; the positioning of NAS in the market; ability to integrate acquired companies and technology; ability to retain key employees; ability to successfully combine product offerings and customer acceptance of combined products; general market conditions, fluctuations in currency exchange rates, changes to operating systems and product strategy by vendors of operating systems; and whether NAS can successfully gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release.

Contact Information

  • CONTACT INFORMATION

    National Automation Services, Inc.
    Bob Chance
    2053 Pabco
    Henderson, NV, 89011
    (702) 642-7720

    Investor Relations Contact:
    David Donlin
    The Cervelle Group
    238 N. Westmonte Drive
    Suite 210
    Altamonte Springs, FL 32714
    (407) 475 9966