Moro Corporation Acquires Titchener Iron Works and Rondout Electric

WAYNE, Pa.--(BUSINESS WIRE)--Moro Corporation (OTC:MRCR) today announced that it has acquired, in two separate transactions, Titchener Iron Works, Binghamton, NY and Rondout Electric, Poughkeepsie, NY.

Titchener Iron Works, founded in 1920, is a fabricator and installer of architectural and ornamental metal including stairs, railings and miscellaneous steel. Its customers are general contractors and end users located within 100 miles of its location in the Southern Tier of New York State. The business has 25 employees.

Rondout Electric, founded in 1962, is an electrical contractor specializing in commercial and industrial installations, including high voltage systems, security and building controls and telecommunications (voice, data, and fiber-optics). Its customers are general contractors and end users located within approximately 150 miles of its location in the Hudson Valley of New York State. The business has 100 employees.

The operations of Titchener Iron Works and Rondout Electric are successful and profitable. Existing management will remain. The end users for both businesses include schools and universities, hospitals, industrial and manufacturing facilities, utilities, and governmental buildings.

These acquisitions geographically complement Moro’s existing presence in New York State. These include Appolo Heating, Inc., Schenectady and J & J Sheet Metal Works, Vestal. Moro’s operating units now do business from the northern Saratoga Region and Albany/Greater Capital District, southward to Putnam, Orange, and northern Westchester Counties and westward through the Southern Tier cities of Binghamton, Elmira, Ithaca and Corning.

These two transactions are expected to add increased efficiencies and cross-marketing opportunities and should increase Moro’s annual revenue by $15 – 18,000,000 and EPS by approximately five to six cents per share.

Moro is a profitable and financially-strong, multi-subsidiary, fifteen-location and 400-employee construction products and services company engaged in the (a) fabrication of concrete reinforcing steel (rebar), sheet metal (duct work), miscellaneous steel products (railings, stairs, ornamental iron work) and process piping, (b) distribution of construction steel, miscellaneous steel and construction accessories (c) mechanical contracting services (HVAC, plumbing, and piping) and electrical contracting (commercial and industrial work including high voltage, voice/data, fiber optics, security and building controls.

For more information, contact David W. Menard, President and CEO, or Lawrence J. Corr, Executive Vice President, at 484-367-0300, fax [phone].

Statement under the Private Securities Litigation Reform Act: This press release contains certain forward-looking statements regarding, among other things, the anticipated profitability and continued growth of the company. Those statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from those contemplated by the statements, including the continued ability of the company to generate operating profits, the lack of continued demand for the company’s products, the availability of governmental funding for its projects, the ability to locate and acquire suitable acquisition opportunities, and if acquired, the failure of any such businesses to generate operating profits.