EDMONTON, Nov. 16, 2012 /CNW/ - F.V.Ramsoondar, President, Chief
Executive Officer and Director of United Protection Security Group Inc.
(UPSG or the Company), (TSX-V: UZZ) is pleased to announce the
Pursuant to a press release dated October 16, 2012, the Company has
finalized the transaction with an Ontario-based Underwriters
Laboratories of Canada (ULC) rated Burglar Alarm Monitoring Station
with an effective closing date of November 14, 2012.
The Company previously reported the estimated monthly revenue (RMR) to
be in excess of $40K per month and a total annual revenue base
including installation in excess of $550K with net profit in excess of
$200K per year. Based on the due diligence conducted during the review
period, the actual RMR is in excess of $60K per month.
The Purchase Price remained at $850K, with $640K paid on closing, $40K
holdback for any contingent liabilities, and the balance of the
purchase price financed by way of two vendor financing notes of $85K
each, payable six months after the closing date and twelve months after
closing date. Both vendor-financing notes are subject to purchase price
The acquisition has added approximately 7,000 retail and wholesale
customers to UPSG's
existing alarm customer base. Management will
continue to focus on building its RMR through dealer networks across
The Company will further over the next three months, merge its existing
Video Monitoring Operations with the ULC station, which will result in
an estimated cost savings of approximately $300K per year.
Stock Awareness Activities
To find out more about United Protection Security Group Inc. (TSX-V:
UZZ), visit our website at www.unitedprotection.com. To join the 'request for information', go to the web page www.unitedprotection.com and click the tab 'request information' and follow the prompts.
Statements in this press release other than purely historical
information, including statements relating to the Company's future
plans and objectives or expected results, are forward-looking
statements. Forward-looking statements are based on numerous
assumptions and are subject to all of the risks and uncertainties
inherent in the Company's business, including risks related to business
development and retention, and risks related to the current economic
and credit conditions. As a result, actual results may vary materially
from those described in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: United Protection Security Group Inc.
For further information:
For additional investor and media relations inquiries contact:
Fredy Ramsoondar CEO and Director