Alliance Distributors Signs Non-Binding Letter of Intent to Purchase Electronics Distributor.COLLEGE POINT, N.Y. -- Alliance Distributors Holding Inc. (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. : ADTR ADTR A Day to Remember (band) ADTR Academy of Dance Therapists Registered ADTR Adapter ), a distributor of interactive video games See video game console. and gaming products, today announced that it has signed a non-binding letter of intent to acquire Foto Electric Supply Co., Inc., (Fesco). Fesco is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. whose primary business is the distribution of consumer electronics. Fesco's revenues in its most recent fiscal year were approximately $130 million. The letter of intent contemplates a purchase price for Fesco of $75 million, payable $50 million in cash, $12.5 million in notes and $12.5 million in equity securities to be valued in relation to financing for the transaction. Although the Company anticipates that Sanders, Morris & Harris will assist the Company as investment bankers, the Company does not have any current arrangement or commitment for any financing for the transaction. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Certain of the above statements contained in this press release may contain forward-looking statements which are intended to be covered by the safe harbors created thereby investors are cautioned that all forward-looking statements involve risks and uncertainty. Actual results, events and circumstances (including future performance, results and trends) could differ materially from those set forth in such statements due to various factors, risks and uncertainties, including but not limited to, risks associated with technological change, competitive factors and general economic conditions. The Company has no duty and undertakes no obligation to update such statements. |
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