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Explorations Group To Buy Lighting Company

Posted on: Mon, 09 Mar 2009 21:15:00 EDT

Symbols: EXGI, EXGIE

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Mar 10, 2009 (FinancialWire via COMTEX) --
EXGIE | Quote | Chart | News | PowerRating -- March 9, 2009 (FinancialWire) -- Explorations Group Inc. (OTCBB: EXGI | Quote | Chart | News | PowerRating) (Current Market Cap: US$5.16 Mil.) said that it has signed a non-binding letter of intent to acquire Daniel R. Smith & Associates, Inc., a South Florida-based specialty lighting company for a total of $4.2 million to be paid in a combination of cash and debt.

Daniel R. Smith & Associates is a provider of lighting solutions for the marine and industrial markets.

EXGI president David Coriaty said, "the acquisition of DRSA is the next step in EXGI's plan to assemble a one stop solution for security, lighting and access control for the commercial, industrial and governmental markets by extending our product line to include DRSA's marine and industrial lighting solutions."

He said that the acquisition of Smith compliments Explorations' February 2009 acquisition of Hawk Biometric Technologies. The boards of both firms have approved the transaction. Explorations said it plans to be able to "promptly" consummate the transaction.

West Palm Beach, Florida-based Explorations Group is a provider of solutions of biometric security, access, lighting and control systems for industrial, commercial and governmental market.

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