Highly Synergistic Acquisition to Add $2 million in Annual Revenues and Vertically Integrates Development Capabilities
TULSA, OK / ACCESSWIRE / October 10, 2024 / The Birch Co. (OTC PINK:ATWT), also known as Atwec Technologies, (the "Company"), a leading innovator in the construction industry, dedicated to delivering high-quality, affordable homes today announced that it has signed a non-binding Letter of Intent (LOI) to acquire Prograde Excavating, an expert excavation services provider in Tulsa, OK.
Prograde Excavating specializes in residential excavation, commercial site development, demolition services and land clearing. Grounded in decades of experience, Prograde Excavating doesn't just move earth, the company reshapes landscapes with meticulous care and strategic planning. The company is dedicated to delivering top-notch services for every project, big or small, transforming construction and land development dreams into tangible realities.
"This acquisition of an established excavation contractor in a growth market is highly synergistic with our modern home building solutions in the Sunbelt region," said Josh Ploch, Chief Executive Officer of The Birch Co. "We will build on the company's achievements, enabling us to vertically integrate our residential and commercial development capabilities into other markets. The acquisition will also facilitate expansion of our customer base into demolition and land clearing verticals that we are not servicing today.
"The acquisition brings over $2 million in annual recurring revenue with its client list of residential and commercial developers, a seasoned team and numerous excavating equipment. We expect to add significant value beyond the immediately accretive revenue stream and believe the acquisition with continue to drive future growth. This also represents the first acquisition as part of our expansion strategy, with opportunity for more in the future," concluded Ploch.
The Birch Co. will acquire 100% of Prograde Excavating business and assets and is expected to close in Q4 2024, subject to customary closing conditions. The transaction is expected to be accretive beginning in Q1 FY2025.
About The Birch Co
The Birch Co is a leading innovator in the construction industry, dedicated to delivering high-quality, affordable homes, high-end custom homes, and commercial construction projects to its customers. With a commitment to excellence and innovation, The Birch Co. is at the forefront of modern building solutions in the Sunbelt region.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including statements that include the words expect, intend, plan, believe, project, forecast, estimate, may, should, anticipate and similar statements of a future or forward-looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties, and other essential factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason except as required by law.
Investor Relations Contact
Mark Schwalenberg
MZ Group
312-261-6430
ATWT@mzgroup.us
SOURCE: ATWEC Technologies
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