LOS ANGELES, CA -- (Marketwire) -- 09/03/09 -- New Century Companies, Inc. (OTCBB: NCNC) announced today that it has signed a definitive agreement to acquire Precision Aerostructures, Inc. through a cashless merger. Russell Armstrong, Crescent Financial Advisors, Inc., has facilitated the negotiations of the merger and will conduct and assist with all aspects of the transaction.
Precision Aerostructures, Inc. manufactures structural aircraft components and assemblies. The company's customers do business in defense, government systems, aerospace and commercial markets. The company's web site is www.precisionaerostructures.com.
David Duquette, CEO, New Century Companies, Inc., stated, "We are pleased to have found a great company to grow our business. Precision Aerostructures, Inc. has an excellent management team and a backlog of $27,000,000 in contracts. We expect the combined companies to have earnings in the next 12 months in excess of $.12 per share. The closing, expected shortly, is subject to certain financing conditions and final due diligence, as is the case in any merger."
About New Century Co.
New Century Companies, Inc. is one of the leading U.S.-based makers of machine tools, primarily vertical boring mills and large lathes such as vertical turning centers (VTCs). It specializes in re-manufacturing, starting with existing major castings and fitting them with state-of-the-art, computer-controlled equipment. These products generally cost 40% to 60% less to manufacture than new ones. New Century passes these savings on to its customers, which include such leading manufacturers as General Electric Co., General Dynamics Corp., Siemens AG and Gardner Denver. New Century machines are used to manufacture jet engine components, airplane landing gear parts, power generation equipment, oil and gas production components and construction materials, to name just a few applications. New Century's production facility is in Santa Fe Springs, CA. For more information please visit New Century's Web site at www.newcenturyinc.com.
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Forward-looking statement: Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions and other risks detailed from time to time in the Company's ongoing quarterly filings, annual information form, and annual reports. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.