Klegg Electronics Inc. Signs Letter of Intent to Acquire Central Florida Preservation, Inc.

LAS VEGAS, March 11  /PRNewswire-FirstCall/ -- Klegg Electronics, Inc. (Pink Sheets: KLGG) is pleased to announce that the Company has signed a Letter of Intent to acquire 100% of Central Florida Preservation, Inc. This privately owned full-service property preservation company is based in Lakeland, Florida and will serve the region's mortgage banking and real estate industries. Klegg Electronics, Inc. will disclose further details of the agreement upon completion of the 45-day due diligence period.

Central Florida Preservation, Inc. seeks out vendor management companies that are hired by banks to maintain foreclosed properties and contract preservation services to these types of companies. Central Florida Preservation, Inc. specializes in a wide range of preservation services including damage estimates, lock changes, board-ups and winterizations.  The Company also performs extensive maintenance and repairs to the interior and exterior of the homes. Those repairs can include installing new drywall, floors, light fixtures, plumbing, hardware replacements, appliance installation, cabinet and vanity replacement, and upgrades, as well as new and restorative roof repairs, hazardous waste removal and yard work.

"We look forward to expanding our services to the Central Florida region. The restoration of foreclosed homes is a rapidly growing market as more people are, unfortunately, losing their homes in these difficult economic times. As more of these foreclosed homes fall into disrepair, the effects can be financially disastrous for the communities. We'll be putting great effort into the restoration of those homes and making them salable for our clients," stated Dennis Gentles, CEO of Klegg Electronics, Inc.

About Klegg Electronics, Inc.:

Klegg Electronics, Inc. is a manufacturer and distributor of high quality electronics products for business and consumers. The Company is in the process of expanding its business model to include the preservation of residential properties that have been acquired by mortgage lenders through foreclosure.

Safe Harbor Statement:

This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect. 

DATASOURCE: Klegg Electronics, Inc.



CONTACT:  Investor Relations of Klegg Electronics, Inc.,

1-866-THE-APPL(E)



Web Site:  http://www.klegg.com/ 

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