ST. PETERSBURG, FLA / ACCESSWIRE / April 30, 2014 - US Natural Gas Corp (OTC Pink:UNGS) is pleased to announce that it has entered into a Letter of Intent to acquire Signifi Solutions Inc ("Signifi").
Headquartered in Ontario, Canada, Signifi is a global leader in automated retail solutions. Signifi has been an innovator in the industry for over ten years. The Company projects revenues of $5 million USD for 2014, and is projecting future revenues of $50 million USD from leading online and brick and mortar retail customers. The Company designs, builds and implements state-of-the-art automated retail solutions, utilize cutting edge software and robotic technologies, for a wide range of clients including multiple Fortune 500 corporations. Management has also identified a significant demand for its products in the rapidly expanding medical marijuana industry and is already taking the necessary steps to develop those interests.
This transaction is expected to be completed within the next 90 days, subject to customary closing conditions. It is expected to be immediately accretive to US Natural Gas Corp's cash generation and earnings per share within the first 12 months after closing. Specific terms of the transaction will be disclosed at a later date, but Signifi will have majority control of UNGS at the time of closing.
"This is the right time for us to acquire a company of Signifi's reputation, experience, growth record and scale in North America," said Wayne Anderson, President, US Natural Gas Corp. "With the recent realignment of our operating subsidiaries, the addition of Signifi will complement our business model and move the Company towards profitability and increased shareholder value."
"We are excited to become part of US Natural Gas Corp," said Shamira Jaffer, President of Signifi. "This opportunity will allow us to leverage our collective knowledge and experience to build a stronger U.S. presence while augmenting our current retail channel strategies. Our new target markets will include emerging industries such as medical wellness and medical marijuana dispensing solutions where we see tremendous growth potential over the coming years.”
About US Natural Gas Corp
US Natural Gas Corp is an independent energy company principally engaged in the acquisition, exploration and development of mature long-lived oil and natural gas properties. The company's current operations are concentrated in the Appalachian Basin within the states of Kentucky and West Virginia with core assets consisting of 17,000 acres of mineral rights leases and interest in approximately 150 oil and gas wells. More information on US Natural Gas Corp can be found on the Company’s website at www.usnatgascorp.com.
About Signifi Solutions, Inc.
Signifi develops self-service solutions that transcend consumer expectations and solve today's retail needs. Since the company's inception 10 years ago, Signifi has designed automated retail solutions that are intelligent, visually appealing and hold a wide array of products including perishables requiring temperature control. Signifi has years of operational experience with scaled rollouts and currently has several marquee customers which include BMW, Mini Cooper, Videotron, and Rogers Wireless. Please visit our website at www.signifi.com.
Signifi is being advised by Source Capital Group, Inc. (www.sourcegrp.com), a boutique investment bank headquartered in Westport, CT with expertise in micro-cap growth companies primarily in Energy, Communications and Technology verticals.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. Additional risks and uncertainties are set forth in the Company's Unaudited Annual Report for the year ended December 31, 2013, which can be found on the OTC Markets website, www.otcmarkets.com.
US Natural Gas Corp
SOURCE: US Natural Gas Corp