DeNovo Corp. terminates agreement to acquire Sportsworld Project.CORAL SPRINGS Coral Springs, city (1990 pop. 79,443), Broward co., SE Fla.; inc. 1963. Largely residential, it is a city that has grown rapidly along with the southern Florida and Fort Lauderdale area. The population of Coral Springs nearly doubled between 1980 and 1990. , Fla.--(BUSINESS WIRE)--Jan. 19, 1995--DeNovo Corp. (NASDAQ NASDAQ in 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 :NDVOF) announced Thursday that it had terminated its agreement with Equity Participation Services Ltd. (``EPS'') to acquire the rights to the Sportsworld 2000 Project, a proposed sports themed resort in the Orlando, Fla., area. Despite several extensions of time, EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. was unable to deliver firm commitments for financing of the project and for rights to the project, as required by DeNovo's previously announced agreement with EPS. ``While we felt the Sportsworld project offered tremendous opportunity for our shareholders, our decision to cease negotiations is based on continued delays by EPS and on our need to now focus on our primary business,'' said Michael Herman, president of DeNovo. ``Our main subsidiary, Teleconcepts, has just returned from the Consumer Electronics Show is 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. where they received a tremendous response. We believe 1995 will see excellent growth on our Bell-Logoed telephone products business, and this business deserves our undivided attention.'' DeNovo, through its wholly owned Teleconcepts subsidiary, and jointly with a subsidiary of Southern New England Telephone The Southern New England Telephone Company (commonly referred to as SNET by its customers) started operations on January 27, 1878 as the District Telephone Company of New Haven. It was the founder of the first telephone exchange, as well as the world's first telephone book. , designs and manufactures a full line of consumer telephones and related equipment for home use. CONTACT: DeNovo Corp., Coral Springs Michael D. Herman, 305/345-2266 |
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