SOURCE: Rockwood National Corp

April 07, 2011 08:45 ET

Rockwood Announces Definitive Agreement to Acquire Priority One Management Services, Inc.

BOCA RATON, FL--(Marketwire - April 7, 2011) - Rockwood National Corp. (PINKSHEETS: RNTL) ("Rockwood") announced today that it has signed a definitive binding letter of intent with Priority One Management Services, Inc. ("Priority One"), a comprehensive accounting service providing payroll, A/P and A/R for loss mitigation law firms nationwide, to acquire 100% ownership of Priority One. In exchange for the 100% ownership interest in Priority One, Rockwood will issue capital stock pro rata to the shareholders of Priority One tied to a performance earn out based on net profitability over the next 2 years. The total value of the transaction is estimated to be US$1,000,000. Due diligence is in the final stages and the acquisition is anticipated to close within the next 30 days. 

Each firm in the nationwide attorney network base of Gulfstream Processing Services, Inc., recently acquired by Rockwood (Newswire, March 24, 2011), is contractually obligated to use the services of Priority One. Commenting on the executed agreement, Gary A. Fioretti, Chief Executive Officer of Rockwood, stated: "Priority One is an ideal ancillary acquisition that, by default, will continue to grow as Gulfstream expands its attorney network. With recurring revenue streams driven by the total number of loss mitigation clients handled by Gulfstream, Priority One is a pure cash generator with virtually no associated marketing expense."

Mr. Fioretti further commented, "Priority One provides its services to law firms across the country that specifically represents consumers in loss mitigation, real estate short sales and debt elimination. These very same law firms typically become clients of J&M Marketing, presently under definitive acquisition agreement by Rockwood (Newswire, March 31, 2011), and ultimately generate new opportunities for Gulfstream and our real estate brokerage system."

About Rockwood National Corp.
Rockwood is a diversified, national real estate services company focused on the primary components in the industry. By pursuing a strategy of providing complete default loss mitigation (REO & Short Sale), real estate brokerage, full mortgage origination and title service capabilities, Rockwood's goal is to quickly capture market share in each sector and become the preferred "one-stop" provider of choice. At the end of the current distressed asset lifecycle, Rockwood anticipates having built an unmatched national real estate and mortgage distribution channel for continued production, and be in superior position to offer portfolio retention services to financial institutions across the country. By monetizing the activities of its core components through internal operations as well as the referral and revenue sharing with its strategic partners, Rockwood views the development of this professional network as a valuable asset to drive earnings while simultaneously creating continued growth opportunities. It is these same preferred partners that ultimately will become the next acquisition candidates as Rockwood continues to grow its nationwide distribution network.

Forward-Looking Statements
Certain statements in this news release are forward-looking. All statements other than statements of historical facts included in this news release including, without limitation, statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "estimates," "projects," "potential," "target," "goal," "plans," "objective," "should," "may," "would" or similar expressions or variations on such expressions are forward-looking statements. Rockwood can give no assurances that the assumptions upon which the forward-looking statements are based will prove to be correct. Because forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements. There are a number of risks, uncertainties and other important factors that could cause Rockwood's actual results to differ materially from the forward-looking statements including, but not limited to, Rockwood's ability to identify appropriate corporate acquisition and/or joint venture opportunities in the real estate sector, Rockwood's ability to raise the required capital to take advantage of and successfully participate in any such opportunities, and future economic conditions affecting real estate valuations. Rockwood disclaims any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this news release to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Contact Information

  • Contact Information:
    Gary Fioretti
    Chief Executive Officer
    561-252-7236