Littlefield Announces Florida Acquisition
DECEMBER 10, 2007. Littlefield Corporation (OTCBB:LTFD) is very pleased to announce that it has executed a definitive agreement to acquire a Florida bingo hall. "This is an exciting development in the life of the Company," said Jeffrey L. Minch, President and Chief Executive Officer of Littlefield Corporation. "For quite some time we have been looking for the right business opportunity to get back into the Florida charitable bingo market and believe this transaction provides that opportunity. In addition to the soundness and potential of the business, it is also a geographically strategic acquisition since we will be able to efficiently and effectively expand our Alabama management to oversee this hall."
The contract provides for a due diligence period, and the transaction is expected to close by year end. As a material element of the negotiations between the seller and Littlefield, the terms of the agreement are being held confidential.
"We will diligently undertake our due diligence, which is currently underway, in a precise and painstaking manner," Minch explained. "It is our intention and goal to learn the Florida bingo market thoroughly, then use this base of knowledge to expand prudently and profitably as opportunities present themselves."
Littlefield Corporation is a Delaware Corporation headquartered in Austin, Texas whose corporate subsidiaries are involved as licensed commercial lessor and promoter (in South Carolina only) with thirty (30) charitable bingo halls in Texas, South Carolina and Alabama. Over 100 charities conduct bingo in these charitable bingo halls and in 2006 earned $4,300,000 to fund their noble causes. These charitable bingo halls had over 3,000,000 customers play bingo in 2006. In addition, the Company owns Word of Mouth (custom catering company) and Premiere Tents & Events (party rental company).
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.
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