BOHEMIA, NY--(Marketwire - Jun 6, 2012) - Structural Enhancement Technologies Corp. (PINKSHEETS: EMWW) announced that it has reached agreement and entered into a Letter of Intent to acquire privately held Challenger Brands Corp.
Challenger Brands Corp. is a renewable energy oil company in the business of blending, bottling, and distributing private label motor oil, transmission fluid, and related products for the automotive aftermarket. These products are sold, both direct and through distributors, to retail outlets that include oil change shops, automotive aftermarket chains, gas stations, department stores, and convenience stores as well as international distribution channels.
"When we were reviewing potential merger partners we were looking for two things. A company that can bring immediate shareholder value and a company that would have significant growth potential. We believe Challenger meets both of those goals," Andrew Mazzone the CEO of Structural Enhancement Corp., stated. "Another factor in our decision to acquire Challenger is they are in the renewable energy sector, which is considered a high growth area by many economists and business analysts. Furthermore, one of the unique factors in our issuing an LOI to Challenger was during these challenging economic times our country is in, Challenger has created local jobs in the small town of Kingsbury, Indiana, which is where the processing facility is located. That has led to a tremendous amount of support from the local government and the surrounding business community. Challenger has been assured that will continue as the company moves forward. Lastly, as mentioned in our previous press release a new management team with expertise in the energy sector will be brought in to run the new company. We hope to have news on that shortly," Mr. Mazzone went on to say.
If such transaction is agreed to and closed, Structural Enhancement Technologies Corp. will continue to operate it current subsidiary, Extreme Mobile Coatings, Inc., as well.
Upon the closing of the transaction, new Management will be brought into Structural Enhancement Technologies, including a new President and new members of the Board of Directors.
For further information, please visit the following websites:
About Structural Enhancement Technologies Corp.
Through its wholly owned subsidiary, Extreme Mobile Coatings, Inc., based in Nicholasville, Kentucky, Structural Enhancement Technologies Corp. operates an onsite mobile business that provides painting or coating on various surfaces utilizing specialized proprietary material. The Company also offers its anti-microbial services in other areas of the United States through various providers.
This press release contains forward-looking statements, which represent the Company's expectations or beliefs, including, but not limited to, statements concerning plans, growth and strategies, which include, without limitation, statements preceded or followed by or that include the words may, will, expect, anticipate, intend, could, estimate, or continue or the negative variations thereof or comparable terminology. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These statements by their nature involve substantial risks and uncertainties, some of which are beyond the Company's control and actual results.