Heartland, Inc. Signs Letter of Intent to Acquire Harris Oil Company
CUMBERLAND GAP, Tenn.--Heartland, Inc. (OTCBB:HTLJ) announced today that it has signed a letter of intent to acquire the assets of Harris Oil Company. Harris Oil is a company located in central Tennessee that had sales in excess of $99 million in 2006. Harris Oil meets the criteria established by Heartland's Board of Directors to pursue acquisitions that have a history of good cash flow in retail and light manufacturing that are located in the central part of the United States.
The acquisition includes all of Harris Oil Company's assets including supply contracts already in place for both Harris Oil and D.H.S. Development, LLC. Additionally, Heartland will have the right of first refusal on all remaining D.H.S. locations. Pricing will be based on existing appraisals.
Harris Oil is exactly what Heartland, Inc. has been looking for to enhance the overall business. Existing management is in place to successfully operate this acquisition, so no additional overhead is required. This acquisition will positively impact Heartland's bottom line immediately upon completion.
About Heartland Inc.
Heartland Inc. is a growing diversified holding company comprised of subsidiaries within several different and distinct industry segments.
From heavy machining and fabricated steel products to specialized machinery to organic fertilizers and mulch, to commercial construction and builders of new homes, Heartland Inc. is developing broad product and service offerings to provide economic protection and growth opportunities for investors.
Safe Harbor:
Statements contained herein, and other data, may constitute forward-looking statements. When used in this document, the words "estimate," "project," "intends," "expects," "believes" and similar expressions are intended to identify forward-looking statements regarding events and financial trends, which may affect the Company's future operating results and financial position. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. The Private Securities Reform Act of 1995 provides a "safe harbor" for forward-looking statements.
Contacts
Heartland, Inc.
Terry Lee, Chief Executive Officer
Mr. Tom Miller, 937-748-2937
tommiller@moundtechnologies.com
or
SmallCapVoice
Stuart T. Smith, 512-267-2430
Fax: 512-267-2530
ssmith@smallcapvoice.com
The acquisition includes all of Harris Oil Company's assets including supply contracts already in place for both Harris Oil and D.H.S. Development, LLC. Additionally, Heartland will have the right of first refusal on all remaining D.H.S. locations. Pricing will be based on existing appraisals.
Harris Oil is exactly what Heartland, Inc. has been looking for to enhance the overall business. Existing management is in place to successfully operate this acquisition, so no additional overhead is required. This acquisition will positively impact Heartland's bottom line immediately upon completion.
About Heartland Inc.
Heartland Inc. is a growing diversified holding company comprised of subsidiaries within several different and distinct industry segments.
From heavy machining and fabricated steel products to specialized machinery to organic fertilizers and mulch, to commercial construction and builders of new homes, Heartland Inc. is developing broad product and service offerings to provide economic protection and growth opportunities for investors.
Safe Harbor:
Statements contained herein, and other data, may constitute forward-looking statements. When used in this document, the words "estimate," "project," "intends," "expects," "believes" and similar expressions are intended to identify forward-looking statements regarding events and financial trends, which may affect the Company's future operating results and financial position. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. The Private Securities Reform Act of 1995 provides a "safe harbor" for forward-looking statements.
Contacts
Heartland, Inc.
Terry Lee, Chief Executive Officer
Mr. Tom Miller, 937-748-2937
tommiller@moundtechnologies.com
or
SmallCapVoice
Stuart T. Smith, 512-267-2430
Fax: 512-267-2530
ssmith@smallcapvoice.com
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