/NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION TO U.S. NEWS
WIRE SERVICES/
Listed: TSX-V
Symbol: ESE
EDMONTON, March 10 /CNW/ - ESTec Systems Corp. (TSXV: ESE) is pleased to
disclose that due diligence relating to the acquisition of Encore
Electronics in Saratoga Springs New York, is continuing. Our auditors
were onsite last week. Negotiations relating to financing are nearing
completion. The Letter of Intent has been amended to move the Closing
Date to April 30, 2011.
This allows environmental consultants snow free access to the site for
an environmental review. It also provides leeway for auditors and
solicitors.
The expected acquisition of Encore will allow ESTec to better serve
current clients through an enhanced range of products and services. It
will give the Company a stronger presence in the U.S., a wider range of
clients in aerospace, power and related sectors.
For the Board,
Anthony Nelson
President
[p] 780.483.7120
ESTec Systems Corp:
ESTec, through its wholly owned subsidiary, Allan R. Nelson Engineering
(1997) Inc, provides specialized engineering services.
For further information regarding the Company see its website at www.estec.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.