AUSTIN, Texas - (Business Wire) Littlefield Corporation (OTCBB: LTFD) announced today it has signed an asset purchase agreement to acquire three bingo halls in South Carolina through appropriately formed and licensed wholly owned corporate subsidiaries in South Carolina. The acquisition is contingent upon finalizing certain related agreements, obtaining requisite regulatory approvals and completing due diligence.
The acquisition is expected to be completed in Q4 2009.
Jeffrey L. Minch, President and Chief Executive Officer of Littlefield Corporation, offered the following comments:
“We continue to cautiously seek out acquisition opportunities to profitably expand despite current economic conditions. Acquisition pricing and financial returns are being evaluated in light of economic challenges.
“Due diligence has commenced and is being undertaken in a discerning manner. As always, this transaction will require Board approval upon our completion of our due diligence.
“I would like to thank everyone who has contributed to our continued growth and look forward to the completion of this acquisition.”
Investors are always cautioned to be careful in drawing conclusions from a single press release, the Company’s performance in a single quarter or the individual opinions of any member of the Company’s management in making their individual investment decisions.
In accordance with the safe harbor provisions of the Private Securities Reform Act of 1995: except for historical information contained herein, certain matters set forth in this press release are forward-looking statements that are subject to substantial risks and uncertainties, including government regulation, taxation, competition, market risks, customer attendance, spending, general economic conditions and other risks detailed in the Company’s Securities and Exchange Commission filings and reports.
Littlefield Corporation
Cecil Whitmore, 512-476-5141
Fax: 512-476-5680
Financial Analyst, Investor Relations
cwhitmore@littlefield.com
