SARS Completes Acquisition of Installation and Monitoring Businesses SEATTLE, July 17, 2009 (GLOBE NEWSWIRE) -- SARS (the "Company") (Pink Sheets:SARO - News) announces the closing of a merger between the Company's U.S.-based monitoring and management services business and an Illinois-based conglomerate specializing in mechanical and electrical construction, energy infrastructure, facility installation, service and design (announced June 3, 2009). The companies acquired include Environmental Insulation, Inc., ESDD, LLC, Alternatech, Inc., Swank Enterprises, Inc. d/b/a Art & Print, Inc., Associated Mechanical, Inc. and R.J. Power Plumbing & Heating Company (collectively referred as "Associated Mechanical") through a merger between each of the individual entities and FasTech Services, Inc. ("FasTech Services"), a newly formed, wholly owned subsidiary of SARS. SARS and Associated Mechanical amended the original merger agreement to extend the closing date to July 8, 2009 and adjusted the contemplated share distribution of SARS' common stock to Associated Mechanical to 60%.
Resulting from the merger is a new, multi-million dollar operating company with expected combined annual revenues of approximately $35,000,000. The Company will offer facilities systems monitoring controls in addition to building automation for commercial spaces. By focusing on advanced systems-management technology and comprehensive construction services, the combined companies will be capable of providing customers with continuous and up to the minute reports on critical heating, air, electrical, and security systems for buildings of virtually any size.
Said Frank Bonadio, incoming Chief Executive Officer of SARS: "We're eager to combine the Company's existing technological capabilities and expertise with the newly acquired products and services. Our ability to offer a complete suite of internal building controls and services to our customers will have a dramatic impact on the expansion of our business." Geoff Meagher, SARS' interim Chief Executive Officer stated, "We're eager to take this new opportunity to enter a new marketplace in order to broaden our reach and expand the application of remote asset management and monitoring technology."
SARS has undertaken the initial steps to change its name to FasTech Holdings, Inc. The Company expects the effective date of the name change to be approximately 30 days from this release.
Swank Enterprises, a conglomerate of Illinois Corporations, has recently reorganized as FasTech Services, Inc. (“FasTech Services” or the “Company”, a Nevada-based corporation and wholly-owned subsidiary of SARS Corporation) is a mechanical and electrical construction, energy infrastructure, and facilities services company. Its service businesses revolve around the installation of industrial, residential and commercial heating, ventilation, and air-conditioning (“HVAC”) systems, as well as plumbing, piping and necessary fixtures. More specifically, FasTech designs, installs, and services innovative systems that create comfortable, efficient environments and facilitate the use of systems automation for commercial spaces used by various industries. Additionally, FasTech’s systems technology creates the ability to track, monitor, and control building environments from off-site locations via web-based servers and both proprietary and open-source software tools.
FasTech Services’ founding operation dates to 1914, and it has grown from a number of small, family-owned enterprises into a larger, integrated group of businesses offering quality systems and service to local, regional, and national building owners, operators, and developers. The Company currently functions with multiple operating divisions, and each “HVAC” division provides any and all of the Company’s available services to customers.
Fastech Services is a mechanical and electrical construction, energy infrastructure, and facilities services company, with additional expertise in process piping and sheet metal fabrication. We design, install, and service innovative systems to create comfortable, efficient environments and facilitate the use of systems automation and controls monitoring in commercial spaces. Additionally, we offer software solutions that enable building owners and management companies to manage the "control" assets remotely. FasTech creates integrated HVAC solutions that reduce energy consumption and greenhouse gases while increasing operating efficiencies. Benefits of FasTech systems include reduced operating costs, preserved system investments, increased equipment life, lowered maintenance costs, rapid problem identification, and improved operating efficiency.
Hummel ----------- "Gemäß anerkannter flugmechanischer Gesetze kann eine Hummel aufgrund ihrer Gestalt und ihres Gewichtes im Vergleich zur Flügelfläche nicht fliegen. Die Hummel weiß es nicht und fliegt trotzdem." |