Jul 30, 2008 7:00:00 AM
Penny Stock News From Around The Pink Sheets
LAS VEGAS, NV -- (MARKET WIRE) -- 07/30/08 -- National Automation Services, Inc. (www.n-a-s-inc.com) (PINKSHEETS: NASV), a public holding company for regional automation control companies, provides an update on current and future operations.
National Automation Services, Inc. ("NAS"), its wholly owned subsidiaries Intuitive System Solutions, Inc. ("ISS") and Intecon, Inc. ("INT") are pleased to announce the addition of 10 new employees within the first seven months of the current fiscal year. The Company anticipates hiring an additional 10 to 15 employees at corporate and throughout our wholly owned subsidiaries to arrive at a total of approximately 40 employees by year-end.
The consolidated backlog of awarded contracts has remained consistent at approximately $6,000,000.00 through the performance of current contracts and additions of newly awarded contracts within the first seven months of operations. Additionally, the company has approximately $4,500,000.00 in outstanding proposals which are anticipated to be awarded by the end of August. The consolidated backlog of awarded contracts is forecasted to exceed $10,000,000.00 by the end of August with varying terms of completion ranging from 12 to 15 months.
NAS is also pleased to announce the recent addition of a mergers and acquisitions (M&A) team with a proven historical track record of seasoned industry expertise, research capabilities, and a highly developed network of national and international contacts to provide a solid base for identifying and evaluating potential target acquisitions to ensure our acquisition and integration strategies are successfully achieved.
After months of negotiations, NAS has been selected by a fortune 100 Company (identity pending legal review) to become a "Solutions Provider" and work closely and exclusively with their distribution network to grow the municipal water and wastewater segment specifically in the Western U.S. The contract with this worldwide manufacturer and provider of automation and controls products is significant as it adds considerable resources to the company. The name and contract specifics will be released once approval is given by their legal department.
Bob Chance, CEO, stated: "Our current backlog of work in progress is impressive based on the current economy, and this further illustrates how unaffected our industry is to the recent downturn. Municipal and industrial projects are usually budgeted and planned for years in advance which is obvious by our growing backlog. This coupled with low interest rates has actually spurred new projects for expansion and upgrading of facilities by our clients which was unexpected.