Sterling Consolidated Corp. (OTC: STCC) (The Company), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for almost 50 years, and creator of the blockchain based DiMO Token, released news of why the $63 Billion Gasket & Seals Industry has easy targets for acquisition.
"My father started in this industry almost 50 years ago," stated Darren DeRosa, the Company CEO, referring to his father Angelo DeRosa, a US army veteran and company Chairman. "I grew up in this business and learned the ropes from a young age. My first job was in packaging and I was underpaid," he recalls with a smile, "I think I was around 10 years old."
"But while there are many distributors like us around the country, with similar histories, most don't have a second generation willing or able to take over the responsibilities," he said.
"I don't know of any that have vision he has," said Angelo, referring to his son. "I think, to succeed in this business, the next generation needs to utilize new technology. This business started without computers, but we always tried to incorporate new tech into our processes. There are many inefficiencies in this industry and that's why technology like blockchain needs to be embraced," he said.
Darren, along with company CFO, Scott Chichester, are spearheading the implementation of the DiMO Token while Angelo is at the forefront of the acquisition strategy. "We are targeting 400 potential acquisitions throughout the USA. These owners are aging and have poor exit strategies. We want to add their $2M to $5M revenue to Sterling, as well as streamline processes to increase the bottom line."
"Since 2012 we've made two acquisitions and successfully integrated them into Sterling," said Darren. "We improved the process and are ready for more. Our next goal is to get to $20M in sales. I feel we can integrate acquisitions quite easily and maximize economies of scale."
With the upcoming Reg A which includes the DiMO Token as a dividend, Sterling is allocating up to 50% for acquisitions, and between $850k to $10M towards the release of the cryptocurrency DiMO Token.
For more information on the DiMO Token, consolidation strategy, Reg A filing and company history, visit: http://investor.sterlingconsolidated.com
