Specialized Systems Inc. has signed a letter...

Specialized Systems Inc. has signed a letter of intent to acquire a unnamed construction company located in Texas. SSI reported that the privately held company is “one of the top 10 builders of Texas state government projects and has built, among other projects, highways, bridges and schools.”

The acquisition is subject to SSI completing a definitive agreement and obtaining financing.

Under terms of the letter of intent, SSI would purchase all of the company’s outstanding shares for $5 million in cash and 16.2 million shares of SSI stock.