99 Cents Only Stores Announces Filing of Registration Statement for Exchange Offer.CITY OF COMMERCE, Calif.--(BUSINESS WIRE)--April 20, 1998--99 Cents Only Stores (NYSE NYSE See: New York Stock Exchange :NDN NDN Indian NDN Naples Daily News (Daily news paper in Naples Florida) NDN Non Delivery Notification NDN National Data Network NDN Necdin NDN New Democratic Network NDN Next Door Neighbor NDN Nevada Donor Network ) announced that it has filed a Registration Statement with the Securities and Exchange Commission (SEC) pursuant to which it intends to offer to exchange one share of 99 Cents Only Stores common stock for each 16 outstanding shares of common stock of Universal International Inc. (the "Exchange Offer"). 99 Cents Only Stores and Universal International also announced that they have executed an agreement pursuant to which Universal International will support the Exchange Offer and will assist 99 Cents Only Stores in its solicitation of the vote of the shareholders of Universal International in favor of the Exchange Offer. Norman Ravich and Mark Ravich, the former Chairman and Chief Executive Officer of Universal International, respectively, holders of an aggregate of approximately 10 percent of the outstanding common stock of Universal International, have executed definitive agreements pursuant to which they have agreed to vote all shares of common stock of Universal International owned by them in favor of the Exchange Offer, and to tender such shares to 99 Cents Only Stores in the Exchange Offer. The Exchange Offer will be made only by means of a Prospectus. A Registration Statement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation of sale would be unlawful prior to registration or qualification under the securities laws of any State. 99 Cents Only Stores is a leading deep-discount retailer of primarily name-brand consumable general merchandise at an affordable, single price point of 99 cents. The company's stores offer a wide assortment of regularly available consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and as well as a broad variety of first-quality, close-out merchandise. In 1997, a majority of the company's product offerings were comprised of recognizable name-brand merchandise and were regularly available for reorder re·or·der v. re·or·dered, re·or·der·ing, re·or·ders v.tr. 1. To order (the same goods) again. 2. To straighten out or put in order again. 3. To rearrange. v. . The company also sells merchandise through its Bargain Wholesale division. The company's 55 existing 99 Cents Only Stores are located in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . Universal International is a deep-discount retailer offering primarily "close-out" merchandise featuring a broad range of general household items at multiple price points. Universal owns and operates 44 Only Deals retail stores in Minnesota and the surrounding upper Midwest The Upper Midwest is a region of the United States with no universally agreed-upon boundary, but it almost always lies within the US Census Bureau's definition of the Midwest and includes the states of Minnesota and Wisconsin, as well as at least the Upper Peninsula of Michigan. region and eight stores in Texas. Universal owns approximately 41 percent of, and has a note receivable note receivable A debt due from borrowers and evidenced by a written promise of payment. Note receivable, an entry on the asset side of many corporate balance sheets, indicates the dollar amount of loans due to be repaid by borrowers. of approximately $10.7 million due from, Odd's-N-End's, which operates 22 retail stores in upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. . CONTACT: 99 Cents Only Stores, City of Commerce Eric Schiffer, 213/881-9912 or Universal International Inc., New Hope, Minn. Richard Ennen, 800/634-8349 |
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