SOURCE: Challenger Brands Corp
BOHEMIA, NY--(Marketwire - Jun 27, 2012) - Structural Enhancement Technologies Corp. (PINKSHEETS: EMWW) in an effort to provide their shareholders with informed announced a corporate update.
Recently the company announced the following;
- They have entered into a Letter of Intent to acquire Challenger Brands 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.
- That Jeff Gates has been appointed as President of the Company, effective immediately. Mr. Gates will be tasked with the responsibility to integrate Challenger Brands Corp. and expand operations. Mr. Gates has a long and distinguished career in the bottling industry.
- They have entered into an agreement to acquire a blending and bottling facility in Bedford Park, IL. The acquisition will be a necessary complement to the acquisition of Challenger Brands.
"Each of the previous announcements is part of a plan we put together after several months of research and due diligence. Each component is integral to anticipated future success of Challenger Brands. With the acquisition of Challenger Brands and the addition of an additional bottling facility we have an opportunity to become a high growth high margin business. The price of oil is still at significantly high prices and there will be high demands for products like ours, which is a dependable inexpensive oil that is environmentally friendly. If we execute, and I fully expect we will, since I have done this before for Nestle and my own companies, we will be a brand name in the bottled oil business," commented Jeff Gates, the new CEO of Structural Enhancement Corp.
"We are also receiving tremendous support from the local government where the recycling plant is located. With unemployment much higher in the rural areas, like in Indiana, than it is in the rest of the country give us a competitive advantage in higher skilled labor at competitive salaries than in the urban areas. One other thing our shareholders should keep in mind is this industry is highly fragmented so there will be opportunities to acquire other companies similar to ours once we have fully integrated Challenger and the bottling facility," Gates went on to say.
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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.