Heartland, Inc. Secures Financing for the Lee Oil Company Acquisition
Heartland, Inc. a fast growing business with experience in fabricated metals and retail has secured financing for the acquisition of the Lee Oil Company including Lee Food Marts and Lee Enterprises through Choice Financial Group of Grand Forks, North Dakota. The agreement calls for a loan in the amount of $3,250,000 at a fixed rate of 7.75% for three years. The loan will be secured primarily by assets of the purchased Lee Oil Company.
Closing is to occur by the end of August of 2008. Environmental reports have been completed on behalf of Choice Financial and certified appraisals on two of the properties being acquired in the Lee Oil agreement should be complete within the next three weeks. These appraisals are also being done by firms hired by Choice Financial Group. All other terms of the financing agreement have been met and are in the process of being documented.
Heartland, Inc. is optimistic that the acquisition of Lee Oil will provide a strong foundation for growth in the retail oil distribution field in the center part of the United States. Additional companies have already shown interest in being part of Heartland as it successfully grows this segment of the business. These opportunities will be evaluated based on cash flow, existing asset base and the ability of Heartland’s management to improve profitability.
About Heartland Inc.
From heavy machining and fabricated steel products to oil distribution and retail, Heartland, Inc., is developing broad product and service offerings to provide economic protection and growth opportunities for investors. For more on the company please visit www.heartlandholdingsinc.com.
Heartland, Inc. Terry Lee, Chief Executive Officer, 606-248-7323 firstname.lastname@example.org or SmallCapVoice Stuart T. Smith, 512-267-2430 Fax: 512-267-2530
Source: Heartland, Inc.