SCOTTSDALE, AZ--(Marketwired - Apr 28, 2015) - EGPI Firecreek, Inc. (OTC PINK: EFIR) (the "Company") is pleased to report excellent progress towards the acquisition of broadband and cellular tower industry experts Empath Towers LLC. (Referred as "Empath").
As previously announced, EGPI Firecreek announced the signing of a Letter of Intent to acquire Empath Towers, LLC on April 08, 2015.
Founded in August, 2013, Empath is a contract staffing business specializing in the broadband cable and cellular tower industry. Empath currently has customer contracts in place with the largest tower owners in the U.S., as well as, several of the largest public and private general contractors and systems integrators serving the cell tower industry.
Growth Strategies for Empath include the expansion of line and antennae work, tower modifications in partnership with construction companies, international line and antennae projects, tower painting and site acquisitions.
Empath previously announced, they are currently in discussions with several additional major system integrators regarding Empath's abilities in providing tower services. Empath feels as they continue to grow, they will be able secure work directly from the carriers, which will increase billable revenues per project.
Because of these discussions, Empath is pleased to announce the signing of a new contract to upgrade cell towers and the network for a major cell carrier to 4G LTE. The project has initially commenced with 3 crew teams in Missouri and is expected to expand to up to 10 crew teams over the next several weeks as they expand through the Midwest region. This newly signed project is expected to last throughout most of this year. Empath expects to add $300,000 to $600,000 in revenue stream from this project in 2015.
The market for services Empath provides is significant and has been showing continued exponential growth. According to a 2013 industry report by Information Age Economics mobile broadband investments will average between $34-$36 billion per year from 2014 to 2017 ($ 1.2 Trillion cumulative) and will increase GDP in 2017 by 1.6% - 2.2% while generating up to 1.3 million new jobs.
Over 28,000 of these jobs will be directly attributable to the investment and build-out of wireless broadband infrastructures, which is driven by market demand for 100% wireless broadband availability and driven by market and consumer demand for services that are continuously being developed, which are fully dependent on this technology.
Also previously reported, this Letter of Intent is set to specific terms and conditions which both parties have agreed to in principle. Both parties have been moving in an expeditious manner in order to facilitate a Definitive Agreement and have been allocating the time necessary in order to complete this acquisition in a timely manner. The Company expects to complete this transaction within the next 45 days. Completion is subject to the satisfaction or waiver of a number of conditions, including a satisfactory resolution of the creditors for EGPI Firecreek, an approval by the Board of Directors, audited financials and receipt of all necessary requisite third party approvals.
The Company is also pleased to report that efforts to bring all required SEC filings up to date in order to be fully compliant has already begun internally and is expected to commence shortly. This plan will include required 10Q and 10K filings for 2013 and 2014, along with up to date 10Q filings for 2015, inclusion of Subsequent Events and all Nevada state requirements in order to have the Company fully compliant with its corporate state charter.
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc.'s business and acquisition strategy is focused in 2015 on building a diversified strategy initiated by commencement of activities in the Broadband sector, including line, antenna, and tower modification. The Company through its wholly owned subsidiary Energy Producers, Inc., historically is focused on oil and gas with emphasis on acquiring existing fields with proven reserves or by the rehabilitation and enhancement of oilfields with potentially strong attributes for revenue and asset growth. The Company plans on continuing to seek out additional revenue producing businesses with strong growth potential to acquire as they look to diversify their interests over a broad base.
Safe Harbor
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of EGPI Firecreek, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond EGPI Firecreek, Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreek, Inc.'s filings with the Securities and Exchange Commission.
Link back to original article on NuziNet.com
Link back to EGPI Firecreek, Inc. on NuziNet.com