NEWPORT BEACH, CA -- 03/09/10 --
Ensign Services Inc. (OTCBB: ESVC) announced that it completed a reverse merger with Tin Nghia Petrol Joint Stock Company in August 2009. Management believes the reverse merger transaction is one of the first successful reverse mergers of a Vietnamese company on the U.S. stock exchanges. The Company intends to complete a name change to Timex Assets and Services ("Timex A&S"). In its 2009 10K, for the year ended September 30, 2009, the Company had audited revenues of over US$76 million, gross profit of over US$3.6 million and net income of over US$1.5 million. The company plans on discussing its first quarter filing in an upcoming press release. The 10K filing can be found at:
http://www.sec.gov/Archives/edgar/data/1421323/000107878210000129/0001078782-10-000129-index.htm
Timex A&S has 28 petrol stations along major routes in Vietnam's Dong Nai province and is one of the key suppliers of gasoline to factories in the region's industrial parks. Additional gas stations are planned within the next four years. Timex A&S is one of the two leading gas retailers in Dong Nai province and has the advantage of owning the land on which its gas stations are operated. Vietnam has some of the highest commercial leasing rates in Southeast Asia so owning the land has a strong influence on costs and profits.
The Company intends to expand its business through the acquisition and construction of additional gas stations on major national routes and industrial parks. Such growth plans would utilize what management believes is the Company's current competitive advantage of having an established network of gas stations and strong brand recognition to capture additional customer loyalty and spending dollars.
Safe Harbor Statement: Under The Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectation.
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