ASA International announces corporate reorganization and split-off of subsidiary.FRAMINGHAM, Mass.--(BUSINESS WIRE)--Oct. 1, 1996--ASA International Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ASAA ASAA American Sleep Apnea Association ASAA Alberta Schools' Athletic Association (Canada) ASAA Alaska School Activities Association ASAA American Society of Aviation Artists ASAA Asian Studies Association of Australia, Inc. ) announced today that it had reached an agreement in principle to effect a corporate reorganization which will ultimately result in a split-off of its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , TradePoint Systems Inc. to Christopher J. Crane, ASA's president and secretary, in exchange for Crane's interest in the equity of ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and (approximately 22 percent on a fully diluted basis) and certain other consideration. The consummation of the split-off is subject to certain conditions, principally the receipt of a favorable ruling from the Internal Revenue Service as to the tax-free nature of the transaction, which is not expected until the first part of 1997. TradePoint is a recently formed subsidiary into which certain assets and liabilities of ASA's International Trade and Transportation Systems Division are being transferred. The ITT ITT Initial Teacher Training (UK) ITT I Think That ITT Invitation To Tender ITT Individual Time Trial (professional cycling) ITT Intention-To-Treat ITT In This Thread (forums) Division prepares import and export documentation, supports electronic communications with U.S. and Canadian customs, tracks the movement of goods and paperwork and performs invoicing and general accounting functions. TradePoint will operate as a wholly owned subsidiary of ASA under the management of Crane, who will resign as an officer and director of ASA concurrently with the execution and delivery of the definitive Reorganization Agreement, which is expected later this month. ASA International Ltd. provides networked automation systems and ongoing monthly support to approximately 950 businesses located in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada through its four divisions and its wholly owned subsidiaries, TradePoint Systems Inc., ASA Properties Inc. and ASA International Ventures Inc. As of June 30, 1996, ASA had 3,854,121 outstanding shares of common stock. CONTACT: ASA International Ltd. Alfred C. Angelone, 508/626-2727 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion