CEDAR CREST, N.M.-Specialty Teleconstructors Inc. signed letters of intent to acquire the assets of two companies.
In exchange for 187,047 shares of its common stock, Specialty Teleconstructors will acquire Paramount Communications Systems Inc., a wireless transmitting and receiving facilities builder headquartered in Somerdale, N.J. Paramount reported revenues of $2.4 million and net income of $217,288 last year.
The company also will acquire Specialty Constructors Coatings Inc., a provider of structural remediation and refinishing services for elevated metal structures. Specialty Teleconstructors will exchange 55,814 shares of common stock in that transaction. Specialty Constructors had revenues of $908,896 and net income of $12,114 last year.