1st Miracle Group Announces Sale of Assets of California Health Clubs Inc.; Company to Focus Efforts on Its Core Film Business.SAN MATEO San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , Calif.--(BUSINESS WIRE)--Nov. 4, 1998--1st Miracle Group, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: MVEE MVEE Military Vehicles Engineering Establishment (United Kingdom) ), today announced the sale of the assets of its California Health Clubs, Inc. subsidiary to 24 Hour Fitness, Inc., the country's second largest chain of health clubs. Terms of the transaction were not disclosed. However, 1st Miracle anticipates reporting a gain on the sale of the assets. Commenting on the sale, Peter Benz, Chairman of 1st Miracle, stated, "The sale of the assets of California Health Clubs accomplishes two very important objectives. First, it enables us to devote all of our efforts to the Company's film subsidiary, Magic Entertainment, and second, it enables us to re-deploy these assets to Magic where they can be better utilized to enhance shareholder value." 1st Miracle Group, Inc. is the parent of Magic Entertainment, which was co-founded by Menahem Golan Menahem Golan (Hebrew: מנחם גולן) (born Menahem Globus and Yoram Globus to produce and distribute feature length motion pictures. |
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