NEPTUNE, N.J., Aug. 29, 2018 /PRNewswire/ -- Sterling Consolidated Corp. (OTC: STCC) (The Company), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for almost 50 years, and creator of the blockchain based DiMO Token, released news of why the $63 Billion Gasket & Seals Industry has easy targets for acquisition.
"My father started in this industry almost 50 years ago," stated Darren DeRosa, the Company CEO, referring to his father Angelo DeRosa, a US army veteran and company Chairman. "I grew up in this business and learned the ropes from a young age. My first job was in packaging and I was underpaid," he recalls with a smile, "I think I was around 10 years old."
"But while there are many distributors like us around the country, with similar histories, most don't have a second generation willing or able to take over the responsibilities," he said.
"I don't know of any that have vision he has," said Angelo, referring to his son. "I think, to succeed in this business, the next generation needs to utilize new technology. This business started without computers, but we always tried to incorporate new tech into our processes. There are many inefficiencies in this industry and that's why technology like blockchain needs to be embraced," he said.
Darren, along with company CFO, Scott Chichester, are spearheading the implementation of the DiMO Token while Angelo is at the forefront of the acquisition strategy. "We are targeting 400 potential acquisitions throughout the USA. These owners are aging and have poor exit strategies. We want to add their $2M to $5M revenue to Sterling, as well as streamline processes to increase the bottom line."
"Since 2012 we've made two acquisitions and successfully integrated them into Sterling," said Darren. "We improved the process and are ready for more. Our next goal is to get to $20M in sales. I feel we can integrate acquisitions quite easily and maximize economies of scale."
With the upcoming Reg A which includes the DiMO Token as a dividend, Sterling is allocating up to 50% for acquisitions, and between $850k to $10M towards the release of the cryptocurrency DiMO Token.
For more information on the DiMO Token, consolidation strategy, Reg A filing and company history, visit: http://investor.sterlingconsolidated.com
About Sterling Consolidated Corp.
Sterling Consolidated Corp., through its wholly-owned subsidiary, Sterling Seal and Supply is a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for almost 50 years as well as an approved supplier to Amazon and Walmart. The Company has 5 locations throughout the USA, and plans to acquire more through its ongoing acquisition strategy. The Company is also the creator of the DiMO, a blockchain based cryptocurrency, that they hope brings an edge to the industry and improves overall profits and efficiencies through the use of smart contracts.
Investor & Media Contact:
Scott Chichester, CFO - schichester@sterlingconsolidated.com
Source: Sterling Consolidated Corp - http://www.sterlingconsolidated.com
Forward-looking Statements
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may" "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
Legal Disclaimer
No money or other consideration is being solicited for our Regulation A+ offering at this time and if sent in to Sterling Consolidated Corp. will not be accepted. No offer to buy securities in a Regulation A+ offering of Sterling can be accepted and no part of the purchase price can be received until Sterling's offering statement is qualified with the SEC. Any such offer to buy securities may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its acceptance given after the qualification date. Any indications of interest in Sterling's offering involves no obligation or commitment of any kind.
For additional information on Sterling, the offering and any other related topics, please review the Form 1-A offering circular that can be found at the following location: http://rega.sterlingconsolidated.com
[1] Source https://www.futuremarketinsights.com/reports/gaskets-and-seals-market
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SOURCE Sterling Consolidated Corp.
