99 Cents Only Stores Completes Purchase of 48 Percent Interest in Universal International Inc. as Scheduled.CITY OF COMMERCE, Calif.--(BUSINESS WIRE)--Nov. 17, 1997--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 ) and Universal International Inc. (Nasdaq:UNIV UNIV University UNIV Universal ) Monday announced that they have completed all customary closing conditions and have exchanged 4.5 million newly issued shares of Universal's common stock for $4 million. This represents approximately 48 percent of the outstanding shares of Universal's now current outstanding common stock of 9,393,328 shares. As previously announced, this investment and relationship with 99 Cents Only Stores will provide Universal with additional equity capital and access to 99 Cents Only Stores' retail expertise, along with an extensive mix of consumable A material that is used up and needs continuous replenishment, such as paper and toner. "The low-tech end of the high-tech field!" merchandise through 99 Cents Only Stores' Bargain Wholesale operation. Mark Ravich, chief executive officer of Universal, said, ``With this investment by 99 Cents Only Stores, we believe that Universal will now have the resources, both financial and managerial, to complete its turnaround within the near future.'' Universal International sells quality closeout closeout, closure the finalization of a feeding program in a feedlot. The cattle are sold and a balance sheet is struck which includes the costs of feeding and housing or confining them. merchandise through its 57 Only Deals and 22 Odd's-N-End's retail stores. Through its subsidiary, Universal Asset-Based Services Inc., it also provides inventory valuation and liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy services. 99 Cents Only Stores, the nation's oldest one-price retailer, operates 52 deep-discount stores, all 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, , and a wholesale division called Bargain Wholesale. The company opened nine stores in the first 10 months of the year, and will open its 53rd store and 10th store for the current year Thursday, Nov. 20, 1997. 99 Cents Only Stores emphasizes name-brand consumables, priced at an excellent value, in attractively merchandised, clean stores. -0- Note to Editors: 99 Cents Only Stores news releases and information are available on the World Wide Web at http://www.businesswire.com/cnn/ndn.htm, or via fax by calling 888/835-0099 toll free. CONTACT: 99 Cents Only Stores, City of Commerce Eric Shiffer, 213/881-9912 or Universal International Inc., New Hope, Minn. Mark Ravich, 612/533-1158 |
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