HOUSTON, Dec. 11 /PRNewswire-FirstCall/ -- Labwire, Inc. (Pink Sheets: LBWR), a leading provider of employee screening solutions and canine security and surveillance services, announced today that it has completed the acquisition of Occupational Testing, Inc., an established provider of occupational substance abuse services located in Gillette Wyoming. The business is already profitable and will add approximately $800,000 in annual sales to Labwire's revenue stream. Additionally, profitability will increase as the economies of the Labwire platform are implemented throughout the customer base. Finally, there are excellent marketing opportunities for value-added services from Labwire such as background checks, volume price advantages for testing and support services, and some potential for marketing of security services.
"I am excited to have completed the acquisition of Occupational Testing, Inc.," commented Mr. Dexter Morris, Chief Executive Officer, of Labwire Inc. "We were able to buy a business on '06 numbers that has already shown a 33% increase in sales and profits for '07. This opens up an additional marketplace and expands the use of our Labwire platform to another industry segment valued at some $300-$400m annually in smaller customer sales. Another major step in fulfilling our commitment to shareholders to grow the Company through strategic acquisitions is now delivered representing an additional, significant milestone toward increasing shareholder value."
Labwire Inc., headquartered in Houston, TX, provides secure and compliant employee drug screening and background checking services to Fortune 500 corporations via the Labwire(TM) Platform. Labwire(TM) is a proprietary, web-based application that streamlines the complex regulatory and record management activities associated with employee screening, delivering accurate timely results while eliminating service calls and paper trails. This comprehensive solution to managing employee screening services is the most efficient and cost-effective platform in the industry.
Safe Harbor Provisions:
Certain oral statements made by management from time to time and certain statements contained in press releases and periodic reports issued by Labwire, Inc., (the "Company"), as well as those contained herein, that are not historical facts are "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934 and, because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements, including those in Management's Discussion and Analysis, are statements regarding the intent, belief or current expectations, estimates or projections of the Company, its Directors or its Officers about the Company and the industry in which it operates, and are based on assumptions made by management. Forward-looking statements include without limitation statements regarding: (a) the Company's strategies regarding growth and business expansion, including future acquisitions; (b) the Company's financing plans; (c) trends affecting the Company's financial condition or results of operations; (d) the Company's ability to continue to control costs and to meet its liquidity and other financing needs; (e) the declaration and payment of dividends; and (f) the Company's ability to respond to changes in customer demand and regulations. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur. When issued in this report, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are generally intended to identify forward-looking statements.
Important factors that could cause the actual results to differ materially from those in the forward-looking statements include, among other items, (i) changes in the regulatory and general economic environment; (ii) conditions in the capital markets, including the interest rate environment and the availability of capital; (iii) changes in the competitive marketplace that could affect the Company's revenue and/or cost and expenses, such as increased competition, lack of qualified marketing, management or other personnel, and increased labor and inventory costs; (iv) changes in technology or customer requirements, which could render the Company's technologies noncompetitive or obsolete; (v) new product introductions, product sales mix and the geographic mix of sales.
The Company disclaims any intention or obligation to update or revise
forward-looking statements, whether as a result of new information, future
events or otherwise. Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995: The statements which are not historical
facts contained in this advertisement are forward-looking statements that
involve certain risks and uncertainties including but not limited to risks
associated with the uncertainty of future financial results, additional
financing requirements, development of new products, governmental approval
processes, the impact of competitive products or pricing, technological
changes, and the effect of economic conditions.
Investor and Public Relations Contact:
Marlin R. Williford Jr.
Phone: (832) 487-7803
|SOURCE Labwire, Inc.|
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