Beacon Light Expands European Holdings; New Acquisition Completed by Subsidiary.AMSTERDAM, Holland--(BUSINESS WIRE)--June 14, 1999-- Jerry Gruenbaum, President of Beacon Light Holding Corporation (OTC-BB: BLHG) announced today that after lengthy negotiations, VJMA Roosen, a Dutch company, which markets products throughout Europe has been added to the fold. The acquisition was consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. by Wellux BV of Holland, 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 Wellux Industries Ltd., which is BLHG's wholly owned subsidiary. The agreement called for the issuance of 500,000 shares of restricted common stock of BLHG. VJMA Roosen specializes in product design, development, packaging and marketing of quality cookware and high end cutlery cutlery, various types of implements for cutting, preparing, and eating food. In addition to different kinds of knives and the steels to sharpen them, the term usually encompasses forks and spoons. . The management of VJMA reported that VJMA had sales for the year ended December 31, 1998 of approximately $1.5 million USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. , with a net profit of approximately $100,000 USD. Net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. being acquired by Wellux BV are valued at approximately $500 thousand USD, including current inventory. VJMA Roosen is a logical addition to Wellux BV because of the synergies in product design, assortment, logistics and distribution network. The addition of VJMA Roosen will enable Wellux to expand its product assortment and increase its ability to become a more powerful dynamic participant in the European direct sales and wholesale distribution markets. BLHG has further announced that it is in the process of working with its auditors, Hoffski & Pisano, CPAs of Newport, California to prepare for the company's audit which will commence at the close of this fiscal year at the end of this month. Upon completion of the audit, the company intends to file with the SEC in an effort to become a 12-G reporting company. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Disclosure This Press Release contains or incorporates by reference "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. ," including certain information with respect to plans and strategies of Beacon Light Holding Corporation. For this purpose, any statements contained herein or incorporated herein by reference that are not statements of historical facts may be deemed to be forward-looking statements. Without limiting the forgoing for·go also fore·go tr.v. for·went , for·gone , for·go·ing, for·goes To abstain from; relinquish: unwilling to forgo dessert. , the words "believes," "anticipates," "plans," "expects," "enhanced" and similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause actual events or actual results of Beacon to differ materially from these indicated by such forward-looking statements. For further information about Beacon Light, please contact Jerry Gruenbaum at 201.876.5252 |
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