BNB Completes Acquisition of Allwest Systems; Denver-Based Provider of High-Tech Life Safety Systems Set for Nationwide Expansion.DENVER--(BUSINESS WIRE)--March 17, 1998--BNB Co. Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:BNBE) announced Tuesday that it has completed its acquisition of Denver-based Allwest Systems Inc., which provides integrated life safety systems, including fire, security and sound systems, to commercial and public facilities such as hospitals, schools, prisons and military bases. Allwest is uniquely positioned in this industry with an unparalleled reputation for quality and dependability dependability - software reliability . Management's current plans include building upon its existing reputation to take advantage of a major growth trend in the correctional facilities market, which according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the American Correctional Association The American Correctional Association is an association of providers of services to prisons in the United States. It holds an annual trade show where products used in prisons are shown to prospective purchasers. It was formerly known as the American Prison Association. , will spend approximately $500 million per year in electronic systems, such as the ones provided by Allwest. In addition, Allwest will be expanding the markets it serves (currently Colorado and Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern ) to cover the entire United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , with enhanced capabilities to bid and complete international projects. According to company president, Steven D. Pickett: "Our profitable history and proven market strength combined with our new status as a public company will provide increased capabilities to acquire similar private profitable operations with established customer bases. By using our management's ability to recognize quality acquisition candidates combined with the leverage of our public valuation, we can develop a powerful rollup strategy for assured future growth. We estimate that Allwest can easily double its annual revenues to $30 million with only one or two acquisitions within the next 18 to 24 months." Allwest established operations in 1953 and has since diversified and expanded and now offers a complete array of specialty electronic systems to commercial and industrial facilities mainly in Colorado and Northern California. Allwest has the technical capabilities to integrate its comprehensive line of specialty electronic products with state of the art service and maintenance programs. These systems are required by national safety codes in most high-rise buildings high-rise building Multistory building taller than the maximum height people are willing to walk up, thus requiring vertical mechanical transportation. The introduction of safe passenger elevators made practical the erection of buildings more than four or five stories tall. , airports, correctional facilities, hospitals, schools and universities, hotels, power plants, military institutions and other similar facilities. Select Capital Advisors, the Miami-based international financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. holding company, introduced the two parties and arranged and negotiated the terms of the acquisition. Select Capital has affiliates worldwide and provides small to medium sized emerging growth companies with a wide range of investment banking services including international equity offerings, structured finance, mergers and acquisitions, venture capital financing To start an own company or to bring a new product to the market, the venture may need to attract financial funding. There are several categories of financing possibilities. If it is a small venture, then perhaps the venture can rely on family funding, loans from friends , and bridge loans. Last year, Select Capital announced it successfully completed investment banking transactions totaling more than $226 million. According to Select Capital's Chairman, Ronald G. Williams, Select Capital's mission was to provide Allwest with the leverage and financial strength to meet the demands of an aggressive expansion strategy while also providing them a public financial vehicle for their rollup strategy. The value of this transaction is estimated to be in excess of $30 million. From time to time, the company may issue forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which involve risks and uncertainties. This statement may contain 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. Actual results could differ and a forward-looking statement should be considered accordingly. CONTACT: Lynne Sifford, 305/856-5668 |
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