American Imaging Acquires New Wave Marine.MIAMI--(BUSINESS WIRE)--July 7, 1998-- South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. Marine Company to Serve Recreational Boating Community American Imaging Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :AMIG AMIG American Modern Insurance Group ) announced Tuesday that it has acquired 100% of the capital stock of New Wave Marine Inc., located in Hilton Head, S.C. New Wave, which will continue operations 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. of American Imaging, has developed a starter interlock A device that prohibits an action from taking place. device for the recreational boating community that was designed to dramatically decrease the likelihood of vapor-related explosions. American Imaging agreed to issue 18,000,000 restricted shares of its common stock to New Wave's shareholders, which stock was valued at $.02 per share based on the market price for the company's securities during negotiating. A development stage business, New Wave has generated little revenue to date, but projects a profitable year following this transaction. The shareholders of New Wave have agreed to relinquish 90% of the American Imaging stock issued to them if certain revenue levels are not achieved during the first full fiscal year after the acquisition, and have further agreed to escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. their stock until audited financial statements for that year are available. Until that time, the New Wave shareholders have granted the right to vote their shares to American Imaging's investment banking firm. American Imaging is pursuing a plan to become a holding company for a broad spectrum of businesses with which the U.S. is consistently identified, including health care, electronics and international trade.
CONTACT: American Imaging Inc., Miami
Agustin Barres, Treasurer
305/267-3891
or
New Wave Marine
Benito Sauceda III, Vice President
719/488-2484
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