America's Coffee Cup Inc. announces acquisition of Megahel Nautical SA & Mill-Agro.SAN DIEGO--(BUSINESS WIRE)--Feb. 24, 1997--America's Coffee Cup Inc. (NASDAQ/BB: ACFF ACFF Asian Christian Faculty Fellowship ACFF Aruba College Fair Foundation ) Monday announced that the company has acquired Megahel Nautical nau·ti·cal adj. Of, relating to, or characteristic of ships, shipping, sailors, or navigation on a body of water. [From Latin nauticus, from Greek nautikos, from SA & Mill-Agro (Hellas) and will refocus Verb 1. refocus - focus once again; The physicist refocused the light beam" focus - cause to converge on or toward a central point; "Focus the light on this image" 2. the business of ACFF in an entirely new direction. The acquisition brings both, substantial assets and revenues to the company, stated Robert Marsik, president of ACFF. Additionally, the company will change its name to MIDLAND Inc., to reflect the new direction of the business. America's Coffee Cup has sold gourmet coffee chiefly through grocery stores since 1988. As a result of the acquisition of Megahel and Mill-Agro, the new company will direct all of its resources toward international trading and shipping which has been the core business of the newly acquired companies. The international trading business has tremendous growth potential and the combination of international trading with the ability to ship products sold, far surpasses the revenue potential that ACFF had in the gourmet coffee business. The combined assets of MIDLAND exceed $6.0 million and the projected revenues for 1997 are in the $40 million range. Increased revenues and profit margins are expected to greatly benefit existing shareholders and will provide significant returns for new shareholders. The major operations of MIDLAND will be in Piraeus, Greece; Denver; and San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , with primary revenues coming from products bought and shipped from the Eastern Block European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. Countries and sold to Mediterranean and European Countries. The major assets of MIDLAND include ships and port facilities in both Greece and Russia. The company also has offices in Moscow and Taganrog. The acquisition was accomplished through an exchange of ACFF Convertible Preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. for 100 percent of the outstanding shares of Megahel and Mill-Agro. Due to the acquisition, a change in control of ACFF has taken place and four new members were added to the board of directors. Chris Traios has been named the new chairman/CEO of the company and Marsik has been named executive vice president. It is expected that additional news will be made available as soon as further developments are finalized See finalization. . Questions should be addressed to Bob Marsik at 619/679-3290. CONTACT: America's Coffee Cup Inc. Bob Marsik, 619/679-3290 |
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