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TransTech Services Partners Inc. and Active Response Group, Inc. Agree to Extend Letter of Intent
Posted by: gurufocus (IP Logged)
Date: January 5, 2009 06:01PM

Press Release: TransTech Services Partners Inc. and Active Response Group, Inc. Agree to Extend Letter of Intent Argan Inc. headquartered in Rockville MD through its wholly owned Southern Maryland Cable Inc. subsidiary provides inside premise wiring services to the federal government and also provides underground and aerial construction services and splicing to major telecommunications and utilities customers. Argan Inc. has a market cap of $142.47 million; its shares were traded at around $11.08 with a P/E ratio of 30.34 and P/S ratio of 0.69.

More on AGX: Gurus buys and sells of AGX 10-year financial history of AGX. Insider buys/sells of AGX.

Press Release:

NEW YORK, Jan. 5 /PRNewswire-FirstCall/ -- TransTech Services PartnersInc. (OTC Bulletin Board: TTSPU) ("TransTech") a special purpose acquisitioncompany, today announced that TransTech entered into an amendment of its LOIwith Active Response Group, Inc. ("ARG"), extending the date of expiration ofthe exclusivity period under the LOI to January 30, 2009. The terms of theamended LOI provide that if, by January 30, 2009, definitive agreements arenot executed and delivered and a substantially final form of proxy statementis not ready for filing with the Securities and Exchange Commission, theexclusivity period under the LOI shall expire, allowing either party toterminate the LOI if it no longer wishes to proceed with the transaction.Consummation of the proposed business combination between TransTech and ARG issubject to completion of due diligence by TransTech and receipt of requisiteshareholder approval.

ADDITIONAL INFORMATION

TransTech intends to file with the SEC a preliminary proxy statement inconnection with the proposed transaction and the special meeting ofTransTech's stockholders that will be held in connection therewith.Stockholders of TransTech and other interested persons are advised to read,when available, TransTech's preliminary proxy statement and definitive proxystatement in connection with the solicitation of proxies for the specialmeeting because this proxy statement will contain important information. Thedefinitive proxy statement will be mailed to stockholders as of a record dateto be established for voting at the special meeting. TransTech stockholdersmay obtain copies of all documents filed with the Securities and ExchangeCommission ("SEC") regarding the transaction, free of charge, at the SEC'swebsite ( [www.sec.gov] ) or by directing a request to TransTech by mailat 445, Fifth Avenue, Suite 30H, New York, NY 10016, Attention: CFO.Stockholders and other interested parties may also read TransTech's latestForm 10-K for the fiscal year ended December 31, 2007, for a description ofthe security holdings of TransTech's officers and directors.

FORWARD LOOKING STATEMENTS

This communication may contain statements which constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of1933, as amended, and Section 21E of the Securities Exchange Act of 1934, asamended. Those statements include statements regarding the intent and beliefor current expectations of TransTech or its management team. These statementsmay be identified by the use of words like "anticipate," "believe,""estimate," "expect," "intend," "may," "plan," "will," "should," "seek," andsimilar expressions. Investors are cautioned that any such forward-lookingstatements are not guarantees of future performance and involve risks anduncertainties, and that actual results may differ materially from thoseprojected in the forward-looking statements. There can be no assurance thatthe transaction will be completed, nor can there be any assurance, if thetransaction is completed, that the potential benefits of combining thecompanies will be realized. Important factors that could cause actual resultsto differ materially from TransTech's expectations include, withoutlimitation, the continued ability of TransTech and ARG to successfully executetheir business plans, demand for the products and services ARG provides,general economic conditions, geopolitical events and regulatory changes, aswell as other relevant risks. TransTech undertakes no obligation to publiclyupdate any forward-looking statements for any reason, even if new informationbecomes available or other events occur in the future.

TransTech Services Partners Inc.
    Attn: CFO
    445 Fifth Avenue
    Suite 30H
    New York, NY 10016
    (212) 696-5977
   [www.transtechservicespartners.com]

Source: PRNewsWire

More on AGX: Gurus buys and sells of AGX 10-year financial history of AGX. Insider buys/sells of AGX.



Stocks Discussed: AGX, TRTI.OB, TTSPU,
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