Aarow Environmental Group, Inc. Adds Over $700,000 To Asset Base.SPRINGDALE, Ark.--(BUSINESS WIRE)--Sept. 8, 1999-- Aarow Environmental Group, Inc., a fully reporting OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. Company, (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). symbol: AARO AARO Association of Americans Resident Overseas AARO Automotive Aftermarket Retailers of Ontario ) is pleased to announce it has completed acquisition of Utica Publishing Corporation an Arkansas publishing company. On July 13, 1999, the companies announced their tentative agreement to enter into this transaction by which Aarow purchased all of the issued and outstanding shares of Utica's stock. The transaction was completed on September 3, 1999 upon completion of the first phase of Utica's mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the allowing it to restructure current loans. Aarow Environmental Group, Inc. is an environmental consulting Environmental consulting is often a form of compliance consulting, in which the consultant ensures that the client maintains an appropriate measure of compliance with environmental regulations. and remediation company that uses a combination of technologies to effectively and efficiently characterize and clean up a wide variety of contaminants. Utica publishes the Arkansas Chronicle, an electronically distributed monthly news magazine; La Cronica, the only statewide Spanish/English bilingual publication in Arkansas; and La Jornada La Jornada is one of Mexico City's leading daily newspapers. It was established in 1984 by Carlos Payán Velver. The current editor (directora general) is Carmen Lira Saade. de Arkansas, a weekly Spanish language Spanish language, member of the Romance group of the Italic subfamily of the Indo-European family of languages (see Romance languages). The official language of Spain and 19 Latin American nations, Spanish is spoken as a first language by about 330 million persons general interest publication. Utica also operates a general and specialty high quality commercial printing business. Following purchase by Aarow, Utica will continue to operate as a 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. of Aarow Environmental Group, Inc. The purchase of Utica increases Aarow's asset base by the $750,000 appraised net value of Utica's assets (based on Utica's unaudited financial statements). Aarow will file audited financial statements for Utica on Aarow's form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. reporting this purchase. According to D. Frederick Shefte, the spokesperson and new president of Aarow, "The purchase of Utica by Aarow also brings both companies enhanced management and marketing capabilities. It will allow Utica to expand its publishing operations in both electronic and print media. The companies together plan to expand the geographical areas of distribution of La Cronica and La Jornada, launch new publications and internet driven databases in the environmental and animal waste markets; taking advantage of the combination of Aarow's expertise in the poultry and animal waste processing fields and Utica's publishing experience and expertise." Utica's president, Sam Yates, stated, "I am very pleased with the opportunities this presents to Utica. The acquisition of Utica by Aarow will enable us to broaden our publication base and enhance our marketing capabilities." Statements made in this press release that state the companies' or management's intentions, beliefs, expectations, or predictions for the future are forward looking statements. It is important to note that the companies' actual results could differ materially from those projected in such forward looking statements. Information concerning factors that could cause actual results to differ materially from those forward looking statements is contained from time to time in the companies filings with the U.S. Securities and Exchange Commission (SEC). Copies of those filings may be obtained by contacting Aarow Environmental Group, Inc., or the SEC. |
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