American Vantage Companies Reports Divestiture of Subsidiary.Business Editors LAS VEGAS--(BUSINESS WIRE)--Feb. 9, 2001 American Vantage Companies (Nasdaq:AVCS AVCS Advanced Vehicle Control System AVCS Advanced Vidicon Camera System AVCS Automatic Vehicle Control Systems AVCS Active Vibration Control System AVCS Attitude and Velocity Control Subsystem AVCS Air Vehicle Control System AVCS Active Valve Control System ) (the "Company") today announced the sale of its 80% interest in Placement 2000.Com Inc. ("P2K P2K Post 2000 P2K Priorities 2000 (Brookings Institution) ") to its former majority owner in exchange for 300,000 American Vantage Companies' stock options granted to him as part of the original purchase of the subsidiary in December 1999. The Company and the subsidiary and its principals exchanged general releases and provided indemnification Indemnification Used in insurance policy agreements as to compensation for damage or loss. In the context of corporate governance, Director Indemnification uses the bylaws and/or charter to indemnify officers and directors from certain legal expenses and judgements resulting from to one another. At Oct. 31, 2000, the subsidiary was reported as an asset held for sale or disposition. The subsidiary incurred losses before income tax benefits of $460,000 for the fiscal year ended July 31, 2000, and $183,000 for the quarter ended Oct. 31, 2000. Ronald Tassinari, president and chief executive officer, stated, "With the closure of the WCW WCW World Championship Wrestling WCW Wellesley Centers for Women WCW West Coast Watchers Nitro Grill in September 2000 and the recent divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of P2K, the Company is now better positioned to take full advantage of the potential acquisition or merger we have been actively seeking." This news release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to risks and uncertainties. The Company's actual results may differ materially from those described in any forward-looking statements. Additional information concerning potential risk factors that could affect the Company's business and financial results are included in the Company's filings with the Securities and Exchange Commission. They can also be found on the Company's Web site at www.americanvantage.com and on the Securities and Exchange Commission's Web site at www.sec.gov. |
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