CFS International Inc. -- company update.TORONTO--(BUSINESS WIRE)--May 23, 1996--CFS INTERNATIONAL INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (VSE See DOS/VSE. VSE - Virtual Storage Extended :CFY CFY Clinical Fellowship Year (often used in speech-language pathology education/jobs) CFY Current Fiscal Year CFY Contractor Fiscal Year CFY Company Fiscal Year ) -- CFS CFS abbr. chronic fatigue syndrome CFS, n.pr See syndrome, chronic fatigue. CFS Chronic fatigue syndrome, see there International Inc. (the "corporation") announces that the consolidated loss of the corporation for the year ended Dec. 31, 1995 was $70,525, or 0.18 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , as compared to a loss of $1,142,735, or 2.97 cents per share, for the year 1994. Revenue amounted to $39,924,320 for the year 1995, compared with $3,290,607 for 1994. On Nov. 29, 1995, the Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). accepted for filing an Agreement of Purchase and Sale (the "Agreement") dated Jan. 1, 1995 under which the company acquired the controlling interests of certain businesses from its majority shareholder, S.E.C. Holdings Inc. ("SEC"). Those acquired businesses are engaged in the manufacturing, importing, and retailing of garments in China, Hong Kong and Canada. Under the terms of the Agreement, the effective date of acquisition was Jan. 1, 1995, and as such, the financial results of the corporation for the year 1995 included the results of operation of those newly acquired businesses for the entire year of 1995. In the Agreement, the purchase price payable by the corporation to SEC was based on the SEC's proportionate interests of the 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. of those businesses as of Jan. 1, 1995. The price was computed and stated to be $4,384,625 in the Information Circular dated June 27, 1995 in association with the submission for approval of the Agreement by the shareholders (other than SEC) of the corporation. In early May 1996, SEC and the corporation conservatively reviewed the valuation of the net assets of the acquired businesses as of Jan. 1, 1995, and agreed to reduce the previously reported purchase price by $952,975 to $3,431,650. CFS International Inc. is an international trading, manufacturing, retailing, and investment company, with its shares traded on the VSE under the symbol "CFY". The VSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release. CONTACT: CFS International Inc. Alec Lam, 905/305-0222 905/305-0932 (Fax) |
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