American Group Completes Two Acquisitions.BOCA RATON, Fla.--(BUSINESS WIRE)--May 29, 1998--The American Group 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. :AMGP AMGP antimicrobial growth promoters. ) announced today that it has completed the acquisition of Lator International Inc. ("Lator") and Latana Peat and Soil ("LPS LPS - Sets with restricted universal quantifiers. ["Logic Programming with Sets", G. Kuper, J Computer Sys Sci 41:44-64 (1990)]. "), 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 Coventry Industries Corp. (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 :COVN). The terms of the Lator acquisition was the issuance of 300,000 shares of American Group's common stock in exchange for 100 percent of the issued and outstanding shares of Lator in a stock for stock transaction. Lator owns the rights to acquire approximately 5,000 acres or three trillion cu. ft. of sphagnum sphagnum (sfăg`nəm) or peat moss, any species of the large and widely distributed genus Sphagnum, economically the most valuable moss. peat bogs and a processing facility in Quebec Province, Canada. American Group expects the purchase of the bogs will be completed within thirty days. American Group also completed the previously announced acquisition of LPS in a stock for stock transaction with Coventry Industries. American received 100 percent of the stock of LPS in exchange for 1,200,000 shares of American and the transfer of 75,000 preferred shares of Coventry which American had obtained in a previous private transaction in contemplation of the LPS acquisition. Louis Zanette, president of American, stated that "the two acquisitions are a giant step forward in the company's plan to become a significant producer and distributor of high grade Canadian peat moss and other soil products for the horticultural and agricultural industries." Certain of the statements in this press release may be deemed forward-looking statements. Such statements and other matters addressed in the press release involve a number of risks and uncertainties. CONTACT: Mark Wachs and Associates, New York Mark Wachs, 212/832-2800 |
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