Court Approves Sparks/Showtime Transaction.PHILADELPHIA -- On January 13, 2005, Marlton Technologies, Inc.(AMEX AMEX See: American Stock Exchange :MTY MTY Monterrey, Nuevo Leon, Mexico - Escobedo (Airport Code) MTY million tons/year ) announced that its Sparks Exhibits & Environments Corp. subsidiary had signed an agreement to acquire substantially all of the assets of Showtime Enterprises, Inc. and had acquired an option to purchase from Showtime investors their secured subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". of Showtime. Marlton noted that the agreement was subject to a number of conditions, including approval by the bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. . On March 4, 2005, 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. Bankruptcy Court for the District of New Jersey approved the Purchase Agreement between Showtime and Sparks, and authorized Showtime to consummate the transactions contemplated by the Purchase Agreement. The Court's action allows Showtime and Sparks to proceed in accordance with the Purchase Agreement, which currently provides for a closing by March 15, 2005. Closing is subject to satisfaction or waiver of the remaining conditions contained in the Purchase Agreement. Showtime Enterprises, Inc. designs, markets and produces trade show exhibits, point-of-purchase displays, museums and premium incentive plans, with primary production facilities in Paulsboro, NJ and Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , NV. Showtime had sales of approximately $21 million in 2004, and filed for protection under Chapter 11 of the bankruptcy laws in January 2005. Marlton Technologies, Inc., through its Sparks Exhibits & Environments and DMS (1) (Document Management System) See document management. (2) (Defense Messaging System) An X.500-compliant messaging system developed by the U.S. Dept. of Defense. Store Fixtures subsidiaries, is engaged in the design, marketing and production of trade show, museum, theme park and themed interior exhibits, store fixtures and point of purchase displays. This press release may contain forward-looking statements which are subject to change as a result of various factors, including without limitation the Company's ability to control costs, the availability of financing, the effects of competition and the effects of changes in the economy and international affairs. Factors which could affect the Company are set forth in the Company's Forms 10-K and 10-Q filed with the Securities and Exchange Commission. |
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