Acquisition Agreement Between Bresler & Reiner, Inc. and Sarnia Corporation

Summary

Bresler & Reiner, Inc. has acquired Sarnia Corporation through a wholly owned subsidiary for about $20 million in cash, minus certain liabilities that Bresler & Reiner will assume. Sarnia shareholders will receive $1.48 per share in cash, with the possibility of an additional $0.15 per share after one year. As a result, Sarnia is now a wholly owned subsidiary of Bresler & Reiner. Sarnia owns and operates the Versar Center, an office park in Springfield, Virginia.

EX-2.1 3 dex21.txt EXHIBIT 2.1 EXHIBIT 02.1 PRESS RELEASE BRESLER & REINER, INC. COMPLETES -------------------------------- ACQUISITION OF SARNIA CORPORATION --------------------------------- Washington, D.C. - January 31, 2002. Bresler & Reiner, Inc. (OTC:BRER.OB), announced the completion of the acquisition of Sarnia Corporation (OTC:SARN.OB) by a wholly owned subsidiary of Bresler & Reiner, Inc., for approximately $20,000,000 in cash minus certain liabilities of Sarnia which will be assumed by Bresler & Reiner, Inc. Sarnia's stockholders will now receive $1.48 in cash for their shares and a year from now may receive an additional amount of approximately $0.15 per share. Sarnia has become a wholly owned subsidiary of Bresler & Reiner, Inc. Sarnia Corporation owns and operates an office park of approximately 15.76 acres located in Springfield, Virginia known as Versar Center. Versar Center consists of two four-story office buildings. The principal businesses of the tenants are environmental consulting, engineering, government contractors, government agencies, and other service businesses. ================================================================================ For further information contact: Sidney M. Bresler, Chief Operating Officer 401 M Street, S.W. Washington, D.C. 20024 ###-###-#### 2