AFM Hospitality Corporation Corrects and Replaces Previous Announcement, BW0546-10/04/2000.Business Editors NOTE: The following news release replaces and corrects the previous AFM (Atomic Force Microscope) A device used to image materials at the atomic level. AFMs are used to solve processing and materials problems in electronics, telecom, biology and other high-tech industries. Hospitality Corporation news release, which ran on Wednesday, 10/04/2000 on Business Wire, BW0546 (AFM-HOSPITALITY). The name of the Principal in the fourth graph is Andre sted Andr. The complete and corrected release follows. TORONTO--(BUSINESS WIRE)--Oct. 4, 2000 AFM Hospitality Corp(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AFM.) AFM Hospitality Corporation And Northwest Lodging Join Forces North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Alliance Grows Market for Canada's Largest Multi-brand Lodging Franchisor AFM Hospitality Corporation (TSE:AFM.) today announced the acquisition of the management agreements and other selected assets of Seattle, Washington-based Northwest Lodging, Inc., to support management of 14 hotels comprising nearly 1,700 rooms, located primarily in the Pacific Northwest. AFM will operate these hotels under the Northwest Lodging International name as a subsidiary of AFM. "This strategic acquisition will enable AFM to establish a strong and immediate presence as a significant hotel management company in the North American market," says AFM CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Stephen Phillips. "It also provides AFM with the necessary infrastructure, operating systems and controls to facilitate the desired and profitable growth of AFM's Asset Management business." Under the terms of the agreement and subject to TSE approval, AFM will acquire selected assets from Northwest Lodging for CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $4.5 million. In consideration, Northwest Lodging, Inc., and its shareholders will receive two million common shares of AFM valued at CDN $2.25 per share, together with 444,444 convertible securities which must be converted 1:1 for AFM common shares within 13 months at CDN $2.25 per share, and 500,000 warrants exercisable at CDN $2.50 per share and 500,000 warrants exercisable at CDN $3.25 per share (all warrants to expire after 5 years). The transaction is expected to close before the end of October 2000. Principals Andre, S. Tatibouet, Chairman of Northwest Lodging, and Lawrence P. Horwitz, President and CEO of Northwest Lodging, will be nominated to join the Board of Directors of AFM and, if so elected, Mr. Horwitz will assume the role of Chairman of the Board. "The acquisition of Northwest Lodging will act as a catalyst in driving all aspects of AFM's business and Andre, and I look forward to working closely with the AFM management team in achieving our mutual business goals," says Horwitz. "This investment reinforces our commitment to the global hospitality industry and complements our existing family of international hospitality and real estate investments," says Tatibouet. In addition to Northwest Lodging, Inc., Tatibouet and Horwitz are co-investors in AST (AST Computer, Irvine, CA) A PC manufacturer founded in 1980 by Albert Wong, Safi Quershey and Tom Yuen (A, S and T). It offered a complete line of PCs that sold through its dealer channel. Global Services, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , AST Brands, LLC and American Motels Acquisition Company LLC. About Northwest Lodging Northwest Lodging, Inc. is a Seattle-based hotel management company founded in June 1990, which operates properties throughout Washington, Oregon, Idaho, Arizona and Texas. The company also offers property and asset management services to the hospitality industry. Northwest Lodging, Inc. is the largest franchisee in the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century for both the Ramada ra·ma·da n. Southwestern U.S. 1. a. An open or semienclosed shelter roofed with brush or branches, designed especially to provide shade. b. An open porch or breezeway. 2. and Howard Johnson brands. In 1998, Northwest Lodging was honored as Cendant Corporation's International Franchisee of the Year and was awarded the esteemed "Franny" by the International Franchise Association. The company was twice selected by Howard Johnson International as its Franchisee of the Year. www.northwestlodging.com About AFM Through its subsidiaries, AFM Hospitality Corporation, which also owns HFS (Hierarchical File System) The file system used in the Macintosh. The first version, known as "Mac OS Standard," was introduced in 1985. HFS+, an enhanced version, came out in 1998 in preparation for the upcoming Mac OS X operating system. Purchasing Services and AFM Asset Management Inc., is the exclusive Canadian master franchisor for Aston Hotels(R), Best Inns(R), Hawthorn(R), Howard Johnson(R), Knights Inn(R), Ramada(R), and Villager Lodge(R). With over 120 locations committed nationally, AFM Hospitality represents an inventory of more than 12,000 hotel rooms. The company's primary focus is to increase the number of hotels franchised by the respective brands, franchise new brands and acquire other franchise businesses related to the hospitality industry, while making available asset management services. AFM Hospitality Corporation is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. (TSE:AFM). www.afmcorp.com |
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