Austrian Trading announces Letter of Intent to acquire controlling interest in Ecuadorian Bank and Austrian Glass Company.--(BUSINESS WIRE)--April 11, 1996--Austrian Trading Services Inc. (Bulletin Board Symbol AUTR) (the "Company") announced today that it had entered into letters of intent to acquire a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in Banco Caja de Credito Agricola Agricola (Cneius Julius Agricola) (nē`əs, əgrĭk`ələ), c.A.D. 40–A.D. 93, Roman general, conqueror of Britain. After a distinguished military and political career (partly in Britain), he was made consul (A.D. y Ganadero ("Banco") a banking institution operating approximately 13 branches in Ecuador, South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the letters of intent the Company would acquire approximately 52% of the existing shares of Banco from several of Banco's shareholders (the "Shareholders") in consideration of the payment to the Shareholders of an aggregate of approximately U.S. $17,500,000 in a combination of cash and shares of the Company's stock. The closing is subject to the negotiation and execution of a definitive agreement between the Company and each of the Shareholders and completion of appropriate "due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. " reviews. As of Dec. 31, 1995, Banco's most recent fiscal year end, certain of the Shareholders have advised the Company, that Banco reported total assets of approximately U.S. $48,845,000, liabilities of U.S. $34,428,000, Shareholders equity of U.S. $13,580,000 and a net profit of U.S. $1,260,000. There can be no assurance that the Company will acquire any of Banco's shares from the Shareholders. The Company also announced that 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 the Company entered into a letter of intent with V.I.P. GmbH, an Austrian company ("V.I.P."). The Letter of Intent provides that the Company's subsidiary will fund U.S. $1,500,000 in manufacturing costs associated with V.I.P.'s unique drinking container, the "Mix & Drink" glass. The "Mix & Drink" glass allows for the automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. mixing of any liquids put into the glass by pressing a button on the front of the glass which activates a miniature blender apparatus. V.I.P. has advised the Company that V.I.P. has pending orders for approximately 6,000,000 Mix & Drink glasses which are scheduled to be delivered over the next 24 months. In consideration of the Company's subsidiary funding $1,500,000 in manufacturing costs the Company's subsidiary would receive the sum of U.S. $1.40 per glass sold by V.I.P. The transaction is subject to the negotiation and execution of a definitive agreement and completion of "due diligence" reviews. There can be no assurance that a definitive agreement will be entered into with V.I.P. or that the foregoing orders will be generated. CONTACT: Kurt Reichenberger, 011-43-7-327-74447 |
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