All-Comm Media -- formerly Sports-Tech Inc. -- makes announcement.CULVER CITY Culver City, city (1990 pop. 38,793), Los Angeles co., S Calif., a residential suburb of Los Angeles; inc. 1917. It is a center of the U.S. motion-picture industry, whose roots in the city date to c.1915. Its chief manufactures are rubber products and computers. , Calif.--(BUSINESS WIRE)--May 16, 1995--All-Comm Media (formerly Sports-Tech Inc.)(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 :SPTK SPTK Self Paced Training Kit ) has completed the private placement of 1,505,036 shares of its common stock with a group of institutional investors. The primary purpose of the financing was to increase its cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. for acquisitions. As previously announced, the company recently completed a merger with Alliance Media Corp., a privately held corporation Noun 1. privately held corporation - a corporation owned by a few people; shares have no public market close corporation, closed corporation, private corporation with interests in specialized direct marketing services. The merger called for the issuance of 4,100,000 shares for all the outstanding shares of Alliance Media and for a new board of directors to be comprised entirely of the Alliance Media directors, along with renaming the company. The date for its annual meeting of stockholders will be published shortly, at which time it expects to officially change its name. The renaming of the company to All-Comm Media Corp. is intended to indicate its growth strategy for becoming a multi-faceted communications and direct marketing company. Until final clearances are received, its shares will continue to trade under its current symbol (NASDAQ:SPTK). CONTACT: All-Comm Media, Culver City Sandra M. Kerin, 310/342-2800 |
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