KNOXVILLE, Tenn., May 16, 2011 –Barry Satterfield, President/Chief Executive Officer of Exterior Materials, Inc., a leading organization of building envelope sales professionals, manufacturer’s representatives, and a leading distributor of building materials in Tennessee, Arkansas, Mississippi, Louisiana, Kentucky, and Alabama as its principle market region, today announced it has entered into a non-binding Letter of Intent (LOI) with Mel Stevenson & Associates, Inc., d\b\a SPEC Building Materials Corporation (“SPEC”). The parties to the LOI have agreed to negotiate a definitive agreement pursuant to which SPEC would acquire only the assets of Exterior Materials, Inc. (the “Transaction”).
Mr. Satterfield stated that “This combining of business practices and efforts will provide Exterior Materials some key components allowing it to grow its business and present greater opportunities for our employees. We are excited about our future with SPEC. The collective organizations have enjoyed healthy and professional competition for years and we see many shared business strategies that will strengthen our product offerings and service resources to our valued customers and vendors.”
Mel Stevenson, president and CEO of SPEC Building Materials Corporation, stated that “the transaction will bring opportunities for growth and expansion of the core businesses currently represented by the two companies. We are pleased that Barry Satterfield, president and CEO, along with the professional sales and service staff will remain to provide the same level of customer care for the Exterior Materials customer they have been providing for the past 35 years. We look forward to working with the Exterior Materials team.”
The Transaction is conditional upon the execution of a definitive agreement, completion of satisfactory due diligence, receipt of shareholder approval and other corporate approvals, regulatory approval and court approval (if necessary). Further information regarding SPEC and the Transaction will be provided in a news release upon execution of a binding letter of intent or definitive agreement by the parties.
About SPEC Building Materials Corporation:
Mel Stevenson & Associates, Inc. does business under the name of SPEC Building Materials Corporation, SPEC, a family owned and operated business, was founded in 1973 in Kansas City, Missouri by Mel Stevenson, current president and CEO. The company sells commercial and residential roofing supplies from 30 locations in 11 states including; South Dakota, Nebraska, Kansas, Missouri, Arkansas, Oklahoma, Texas, Mississippi, Tennessee, Alabama and Florida.
About Exterior Materials, Inc.:
Exterior Materials, Inc. is a full service, multi-discipline organization of building envelope professionals, manufacturer's representatives and sales and distribution professionals, serving construction needs in the industrial, commercial and architectural building community. Since 1980, Exterior Materials has provided high quality construction materials for commercial and industrial buildings, choosing the best products available from dozens of highly qualified vendors. Exterior Materials provides a variety of services and training programs designed to assist industry professionals with assessment, specifications, application details and final inspection of each project. For many years Exterior Materials has sought environmentally sustainable solutions for the construction industry, including LEED compliant construction, garden and plaza construction and other roofing and waterproofing systems.
For more information contact:
Exterior Materials, Inc Barry Satterfield Chief Executive Officer General Inquiries: 615-815-5755 Email: jwade@xmat.comPOSTED: 16 May, 2011