ABRI Abrams Industries (MM)

Abrams Acquires The Wheatstone Energy Group ATLANTA, Dec. 23 /PRNewswire-FirstCall/ -- ABRAMS INDUSTRIES, INC. , an energy management, construction and real estate company, today announced that it has completed the acquisition of the operating business and assets of The Wheatstone Energy Group, Inc. Wheatstone provides turnkey implementation of energy saving lighting programs and related services to educational, industrial, governmental and commercial facilities throughout the United States. The acquisition increases Abrams Industries' portfolio of offerings designed to lower energy costs in existing buildings through reduced consumption and improved facility operating performance. Abrams initially entered the energy management business through its acquisition of Servidyne Systems in May 2001. Wheatstone specializes in the analysis of lighting systems within existing facilities to determine how they can be modified or replaced in order to achieve optimal performance, thereby reducing energy costs and saving significant operating and maintenance expenses. Since 1992, Wheatstone has completed energy-saving projects for facilities totaling over 100 million square feet of space. Over 80% of Wheatstone's revenues are derived from office buildings, schools/universities, retail, governmental and industrial/manufacturing customers. The Atlanta-based company had revenues of approximately $6.5 million in 2002. Alan R. Abrams, Co-Chairman, President and CEO, noted that the Wheatstone acquisition marks an important next step in Abrams Industries' ongoing strategic repositioning, and expands its facility services and energy management revenue base. "We continue to seek opportunities to broaden the value of our service offerings. We want to bring a level of expertise to customers that others can't compete with. Wheatstone is a specialist in reducing energy consumption and building operating costs through optimal design, installation and maintenance of lighting systems. Adding Wheatstone offers us great potential for expanding the economic synergies among our existing businesses." Established in 1925, Abrams Industries, Inc. through its wholly owned subsidiaries engages in energy management, commercial construction, and real estate investment and development. In energy management, the Company offers energy engineering, utility monitoring services, turnkey lighting programs, maintenance management, and workflow management systems to help property managers and owners reduce the costs of operating buildings through more efficient operation and prolonged building and equipment lives. In construction, the Company offers a wide range of construction services, including program management, construction management, and general construction of retail stores, shopping centers, banks, office buildings, and distribution and manufacturing facilities. In real estate, the Company currently owns or controls approximately 1.4 million square feet of shopping centers in the Midwest and Southeast, and approximately 200,000 square feet of office properties in metropolitan Atlanta, Georgia. To learn more about Abrams Industries, please visit http://www.abramsindustries.com/ . Certain statements contained in this news release are forward-looking statements within the meaning of the federal securities laws. Such forward- looking statements involve known and unknown risks, uncertainties and other matters which may cause the actual results, performance or achievements of Abrams Industries, Inc. to be materially different from any past or future results, performance, or uncertainties expressed or implied by such forward- looking statements. Abrams Industries, Inc. does not undertake to update these forward-looking statements. DATASOURCE: Abrams Industries, Inc. CONTACT: J. Andrew Abrams, Co-Chairman, Vice President-Business Development of Abrams Industries, Inc., +1-770-953-0304 Web site: http://www.abramsindustries.com/

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