EDMONTON , Jan. 29 /PRNewswire-FirstCall/ - S. Jorstad, Chairman, President and CEO of United Protection Security Group Inc. (UPSG or the Company), a Canadian based company, trading on the TSX-Venture Exchange, under the symbol (TSX-V: UZZ) announces that it has entered into a non-binding term sheet with respect to the purchase of a major U.S. based Security Services provider.
Final details of the proposed acquisition will be determined on completion
of the formal agreement. Annual sales of the target company were just under
Mr. Jorstad states that this acquisition, which provides both man guard and electronic video surveillance services with multi branch offices in the US, will provide United Protection Security Group Inc. with the link it has been looking for in the US market, as well as greatly expand its video surveillance and monitoring operations. Closing of the transaction is targeted for March 31, 2008 .
This transaction is subject to reaching agreement on the terms and conditions in a definitive purchase agreement and will require approval from the Board of Directors of UPSG and the TSX-Venture Exchange.
About United Protection Security Group Inc.
United Protection Security Group Inc. is an established security protection company focused on high impact, high visibility, and high risk security situations, coupled with one of the broadest ranges of traditional private security services in the industry.
Delivering 21st Century Solutions to centuries old problems through a network of 'Elite Private Protection Professionals'.
Pro-Active and Progressive Management has moved the company into the ranks of one of the most dynamic security companies in Western Canada . With a strong foundation and a dedicated professional management team, we are moving forward into the next level in our development strategy.
United Protection Security Group Inc. is committed to providing its clients with a "superior quality service" at a competitive price. It is further committed to providing its employees and associates with the assistance, support, and opportunity to maximize their individual potential for excellence, peak performance and personal growth. It is the Company's policy and highest priority to protect the health and welfare of all its clients and employees and their respective property.
Certain statements contained in this press release, including statements which may contain words such as "could", "should", "expect", "anticipate", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are forward looking statements. Such forward looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of UPSG to be materially different from any future results, performances or achievements expressed or implied by such forward looking statements. Such factors include changes in external market conditions, demand for the company's services, availability of capital, the company's ability to attract and retain key personnel and other factors.
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SOURCE United Protection Security Group Inc.