DNE CORPORATION COMPLETES ACQUISITION OF NFS SERVICES, INC.
DNE CORPORATION COMPLETES ACQUISITION OF NFS SERVICES, INC. NEW YORK, March 23 /PRNewswire/ -- DNE Corporation (OTC) announced today that it has completed its previously announced acquisition of 100 percent of the equity securities of NFS Services, Inc. For over 20 years, NFS (and its predecessor) has been providing asset recovery services and consulting and related services to securities firms, banks and other financial institutions, bankruptcy trustees and others. DNE's primary asset was cash. It had previously discontinued its business of manufacturing automotive and other transmissions. The acquisition resulted in the issuance of approximately 14,650,000 shares of DNE common stock (including approximately 4,500,000 shares which are being held in escrow and are subject to cancellation if certain earnings levels are not met); prior to the closing, there were 2,766,450 shares outstanding. In January 1992, NFS raised gross proceeds of $300,000 in bridge financing. The combined company intends to raise up to $1,750,000 in gross proceeds via the private sale of convertible debentures convertible at approximately $.181 per share. It is anticipated that the private offering will be managed by a broker/dealer controlled by one of the current directors of DNE. -0- 3/23/92 /CONTACT: Eugene N. Scalercio, chairman of NFS, 212-425-9460/ CO: DNE Corporation; NFS Services, Inc. ST: New York IN: SU: TNM
SM-KD -- NY074 -- 0789 03/23/92 17:44 EST
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|Date:||Mar 23, 1992|
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