American CinemaStores completes acquisition of Just Jackets Inc.LOS ANGELES--(BUSINESS WIRE)--Oct. 25, 1996--American CinemaStores Inc. (ACSI ACSI Association of Christian Schools International ACSI American Customer Satisfaction Index ACSI Association Canadienne des Sciences de l'Information (French) ACSI American Communications Services, Inc. ) Friday announced that it completed the acquisition of Just Jackets Inc. of North Hollywood, Calif. As discussed in the news release of June 20, 1996, Just Jackets will be merged 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. into ACSI. In completing the acquisition, ACSI paid $255,000 and 50,000 shares of ACSI common stock. Steve Natale, president of ACSI, stated that this is the first step in pulling together the management synergies among ACSI, Just Jackets and Superior Panoramic. The Superior Panoramic portion of the mergers is expected to be completed during ACSI's third fiscal quarter. Natale went on to say that this is an exciting time for ACSI as it continues on its plan of corporate growth. Just Jackets was formed in 1993 by Bruce Sacks and Robert Strem, president of Superior Panoramic. Sacks will become the president of the Just Jackets subsidiary. Just Jackets manufactures leather, leather and fabric, or fabric-only jackets, as well as high-quality denim jackets denim jacket n → chaqueta vaquera, saco vaquero (LAM) denim jacket n → veste f and shirts with prescribed embroidery embroidery, ornamental needlework applied to all varieties of fabrics and worked with many sorts of thread—linen, cotton, wool, silk, gold, and even hair. Decorative objects, such as shells, feathers, beads, and jewels, are often sewn to the embroidered piece. designs. Just Jackets' client list includes Jack Nadel and Idea Man as well as other major advertising distributors throughout 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. Superior Panoramic was formed in 1981 as a specialty merchandise company. Today it employs more than 100 people with production runs of 20 hours per day, six days per week. Its 1995 revenues were nearly $8.5 million. Its facilities are located in North Hollywood, and occupy more than 30,000 square feet, which house the production facility, warehouse, and offices. ACSI is now in the process of relocating its corporate headquarters to these offices. Superior's product lines currently include the embroidery, silk screening, embossing embossing, process of producing upon various materials designs or patterns in relief by mechanical means. The material is pressed between a pair of dies especially adapted to its hardness and the depth of the design needed. , applique, suede print, and foil print of T-shirts, polo shirts, fleecewear and denim wear. These products are distributed throughout the United States, Canada, Europe and the Caribbean Islands. The advertising specialty products are sold for the most part exclusively to distributors such as Jack Nadel, Idea Man and Ha-Lo. Products for the souvenir novelty market are sold directly to such customers as Graceland, Grand Canyon Grand Canyon, great gorge of the Colorado River, one of the natural wonders of the world; c.1 mi (1.6 km) deep, from 4 to 18 mi (6.4–29 km) wide, and 217 mi (349 km) long, NW Ariz. and Opryland. Superior has won numerous industry performance awards, which include "Top Supplier of the Year" from Jack Nadel and "Top 10 Manufacturer" from Walter Cribbens as well as numerous marketing excellence awards. ACSI was formed in 1992 and went public in March 1994. Its stock and warrants are traded on the 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 Small Cap with the symbols ACSI and ACSIW. Prior to the merger, ACSI has issued and outstanding 6,892,638 shares of common stock. Along with the merger, ACSI will continue to focus on the business of its other subsidiary, Sierra Fixture and Design, which designs, manufactures and installs specialized merchandise carts for regional malls and other applications. Sierra's clients include mall developers General Growth Corp. and The Hahn Co., as well as The Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney Co. CONTACT: American CinemaStores, North Hollywood Christopher Ebert, 818/764-8044 |
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