Firemans Contractors, Inc.(OTCQB: FRCN)announced today the signing of significant parking maintenance contracts with a company that has led the industry nationally in the acquisition of parking facilities over the last five years. The major new client also manages more than $2 billion worth of parking garages, lots, and meters for businesses, airports, hotels, college and university campuses, and government and municipal agencies.
“This important new business relationship will help us expand our franchise development program,” said Renee Gilmore, chief executive officer and director of Firemans Contractors. “This industry-leading company operates more than 180,000 parking spaces for government agencies from large and complex public garages and surface lots to some of the biggest on-street parking systems in the world.
“We are very excited to have the opportunity to provide quality services to this new client and add them to our base of valued customers,” Gilmore said.
Firemans Contractors recently provided bids totaling $294,805.88 to the new client on several properties, with $70,281.59 awarded so far. The franchising company, which successfully launched its first franchise in July, is projecting another $76,000 in contracts from the new client by late November.
“We have been awarded nearly a fourth of the bid estimates we have made so far,” said Aaron Gilmore, founder and chief operating officer of Firemans Contractors, which provides parking lot, road, and pavement improvement, maintenance, and repair services to commercial and government clients in Texas and across the country. “We expect a strong relationship with this important strategic client, and we will continue providing quality services for them.”
Board approves increase to authorized common shares to support growth and expanding franchise development plans.
To support this new business growth and facilitate franchise development plans, the board of directors of Firemans Contractors has decided that it is in the best interest of the company and its shareholders to increase authorized capital, said CEO Renee Gilmore. On Oct. 12, 2012, the company filed a Schedule PRE14C Information Statement with the Securities and Exchange Commission (SEC) notifying shareholders of an amendment to its Articles of Incorporation to increase the number of shares of common stock.
“This strategic step forward will help focus the company for a new phase of growth and increase shareholder value,” said CEO Gilmore.