DeNovo Corp. acquires Dugent Publishing.PALM BEACH, Fla.--(BUSINESS WIRE)--Sept. 10, 1996--DeNovo Corp. (NASDAQ NASDAQin full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DNVOF) concluded the acquisition of Dugent Publishing, a Miami-based publisher of four lifestyle magazines, on Friday, Sept. 6. The purchase price was $7 million and the purchased assets include fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → , intellectual property including trademarks, and contract rights. A cash payment of $1 million was made in July when the asset purchase and sale agreement was signed and a subsequent payment of $2 million was made on Friday, Sept. 6. The remaining balance is being financed through a long-term note held by the seller. Dugent, a 35-year old company based in Miami Springs Miami Springs, city (1990 pop. 13,268), Dade co., SE Fla., a residential suburb of Miami; inc. 1926. The wells in the city supply water to much of Dade co. Miami International Airport is adjacent to the city. , Fla., had approximately $7.2 million in revenue and pre-tax profits of approximately $1.8 million in 1995. DeNovo has formed a subsidiary, Firestone fire·stone n. 1. A flint or pyrite used to strike a fire. 2. A fire-resistant stone, such as certain sandstones. Noun 1. Publishing Inc., to manage the four magazines and the additional combined circulation of 5 million they add to DeNovo's publishing base. This is the third publishing acquisition for DeNovo in less than six months. In May the company purchased 16 magazine titles from 15-year old Kearney Publishing for $7 million and established Princeton Publishing, another 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 DeNovo. On June 13, DeNovo acquired Lady's Circle Patchwork Quilts, a 25-year old title, for $107,000 cash. Lady's Circle Patchwork Quilts has a subscriber base of 23,000 and a total monthly print order of 100,000. DeNovo Corp., through its wholly owned subsidiaries Princeton Publishing, and Firestone Publishing, is engaged in the publishing and distribution of 21 periodical periodical, a publication that is issued regularly. It is distinguished from the newspaper in format in that its pages are smaller and are usually bound, and it is published at weekly, monthly, quarterly, or other intervals, rather than daily. , consumer lifestyle magazines. Editorial staff and offices are located in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and a wholly owned subsidiary of Princeton, Kingston Press Inc., owns and maintains a printing plant in Sussex, Wis. The plant is used for the printing of the company's magazines and to perform printing work for third parties on a contract basis. The company's executive offices are located in Palm Beach. The company is now projecting annual gross revenues of $17.2 million with annual pre-tax earnings of $3 million. The latest acquisition together with several outside printing contracts, are part of the company's long-range goal of increasing utilization of the company's Wisconsin printing plant to nearly 100% from 50%. CONTACT: Media contact: Bennett & Co., Orlando, Fla. Laura Bennett Laura Bennett (born August 2, 1963 in New Orleans, Louisiana) is an American architect and fashion designer and one of the four finalists on Season 3 of the Bravo series Project Runway. , 407/425-6040 or Investor contact: Tony Sandelier, 407/865-9433 |
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