SoOum Corp (SOUM) Acquires Western Grade, Focus Remains on Growth, Strategy
NEW YORK, NY--(Marketwired - October 12, 2016) - SoOum Corp. (OTC PINK: SOUM) announces it has completed the "strategic" acquisition of Western Grade LLC ("Western"), a privately held company specializing in all facets of civil, commercial, and residential construction. Western Grade Members have exchanged their ownership interest of Western for approximately 42% ownership of the common stock of SOUM. Western Grade is now a wholly owned subsidiary of SoOum Corp (US SEC FORM 8-K).
In the fiscal year 2015, a profitable Western Grade generated approximately $5 million US in revenues; the company has been conducting business since inception in 2001. Started on a "shoestring" budget with rental equipment and a few hard workers, Western now stands tall with approximately $4 million U.S. in assets of state of the art equipment and 45 employees.
Western Grades September 2016 pipeline report consists of various projects at different stages. The Company has six jobs in progress with a combined contract value of over $900,000.00 USD, four more contracts are in the bid phase, and recently, another two awarded. Both newly awarded contracts combined will add approx $210,000 USD to the overall revenue stream of the work in progress.
Over the last several years Western Grade has completed projects for Companies and Governments alike; consisting of drainage ponds, US highway and road paving, sewer treatment facilities, evaporation lakes, and even road maintenance along the US / Mexico Border. The company will remain focused on enhancing business development for both companies; paving the way to a brighter future, and milestones ahead.
About SoOum Corp
SoOum Corp is a publicly held (OTC PINK: SOUM) Physical Commodities Trading firm. Specializing in arbitrage based transactions of Physical Commodities, as well as offering an e-commerce Trading Platform, allowing customers to be a part of a unique community of Physical Commodities Traders, Suppliers, Buyers, and Procurement Agents engaging in the purchasing and selling of Products and Commodities across the globe: www.sooum.com/investor-relations
About Western Grade
Founded in 2001 Western Grade LLC is a well-respected general contractor capable of domestic, as well as Commercial and Industrial projects. With unsurpassed expertise, and state of the art technical capabilities, Western's commitment to success and outstanding customer service were, and remain a leading catalyst for the company's growth.
Cautionary Note Regarding Forward-Looking Statement
Statements in this press release regarding the Company's business which are not historical facts are " forward-looking statements" that involve some risks and uncertainties. The Company cautions that various factors, including the factors described under the caption forward-looking statements in the Company's annual report on Form 10-K, could cause actual results to differ materially from the statements contained herein. These factors include the following: business conditions and volatility in the commodities market, and the general economy; competitive factors including compressed gross profit margins; shifts in market demand; product availability; reliance on key customers; fluctuations in foreign currency exchange rates; income tax legislation; and the risk factors listed from time to time in the Company's reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement