American Resources and Development Co. Makes Announcement.SALT LAKE CITY--(BUSINESS WIRE)--June 9, 1998--American Resources and Development Co. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:ADCO ADCO Abu Dhabi Company for Onshore Oil Operations ADCO Alcohol and Drug Control Officer ADCO Air Defense Control Center ADCO Alcohol & Drug Control Office ADCO Air Defense Communications Office ADCO Air Defense Coordination Organization ) announced Tuesday an agreement in principal to acquire 100 percent of Quade Inc., a Connecticut corporation. Under terms of the letter of intent, Quade would receive common stock of the company, a portion of which would be contingent on Adj. 1. contingent on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent upon, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent Quade realizing specific earnings levels over the next three years. The success of this purchase is subject to finalizing negotiations on a definitive Stock Purchase Agreement that American Resources expects to complete over the next three weeks. Quade owns the exclusive master license rights to the U.S. Polo Association trade name for 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. The U.S. Polo Association was founded in 1890 and is the governing body Noun 1. governing body - the persons (or committees or departments etc.) who make up a body for the purpose of administering something; "he claims that the present administration is corrupt"; "the governance of an association is responsible to its members"; "he for polo in the United States. Quade also produces its own line of USPA USPA United States Parachute Association USPA United States Polo Association USPA United States Psychotronics Association USPA United States Pilots Association USPA United States Polka Association USPA United States Permafrost Association licensed casualwear ca·su·al·wear n. Attire for wear on casual occasions: wore casualwear to the outdoor reception. with an impressive customer base which includes high-profile department store and specialty store Noun 1. specialty store - a store that sells only one kind of merchandise shop, store - a mercantile establishment for the retail sale of goods or services; "he bought it at a shop on Cape Cod" chains. Quade has also sold license rights to several other companies to produce a variety of consumer products under licensing agreements which cover the USPA trade name. These agreements allow Quade to collect license fees on all items sold by these companies under the USPA trade name. Robert Mintz, president and chief executive officer of Quade, commented on the acquisition stating, "We're excited to join the consumer products family of American Resources. "The acquisition of Quade by American Resources allows us to join forces with Pacific Print Works, the company which does most of our apparel production, to further ensure the flow of quality apparel to our customer base. At the same time, the commitment by American Resources to provide funding to Quade will enable us to take advantage of tremendous growth opportunities." American Resources and Development Co. owns interests in Fan-Tastic Inc., a franchisor and owner of retail entertainment and sports stores located in the United States, Canada, Japan and Barbados as well as, Pacific Print Works Inc., a screen-printing and embroidery company located in Oregon. Additionally, the company has an investment in a regional developer and management provider of golf courses and related developments. American Resources' common stock is traded on the over-the-counter bulletin board market under the symbol ADCO. For additional information contact Karl Badger at 801/363-8961 or Will Papenfuss at 503/698-2640. Further information on American Resources is also available at www.virtualir.com\adco. CONTACT: American Resources and Development Co., Salt Lake City Karl Badger, 801/363-8961 |
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