EVRO Corp. announces execution of an agreement to acquire America's Collectibles Network Inc. and to merge ACN into The Sports & Shopping Network Inc.TAMPA, Fla.--(BUSINESS WIRE)--April 27, 1995--EVRO Corp. ("EVRO") (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 :EVRO) announced Thursday that it has executed an agreement to acquire America's Collectibles Network Inc. ("ACN ACN Accenture (stock symbol)
ACN Australian Company Number
ACN Automatic Collision Notification (US DOT)
ACN Anglican Communion Network ") based in Greeneville, Tenn. and to merge ACN into The Sports & Shopping Network Inc. ("TSSN"), an EVRO subsidiary.
The ACN Network currently broadcasts its programming 24 hours per day, seven days per week, on satellite, through the use of its own air time on a transponder, which is available in 4.5 million households. ACN also broadcasts additional programming on a second transponder 13 hours per day, Monday through Friday.
The transaction has a total value of $3,172,150 which shall be paid in the form of restricted EVRO Convertible Preferred Stock Convertible Preferred Stock
Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . The Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders.
Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. shall ultimately convert into 1,850,000 restricted voting common shares of EVRO, to be distributed to the former shareholders of ACN. EVRO has also agreed to contribute $600,000 as a working capital infusion Capital infusion
Often refers to the cross-subsidization of divisions within a firm. When one division is not doing well, it might benefit from an infusion of new funds from the more successful divisions. into ACN, during the next four months. The merger is anticipated to be completed by May 18, 1995.
ACN has specialized in selling high-end and custom made jewelry and gemstones as well as unique collectibles and limited sports related merchandise. ACN started broadcasting Oct. 15, 1993 with gross sales Gross Sales
A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. of more than $6 million for the year 1994. Net sales for the first quarter of 1995 were in excess of $2 million, an increase of 145% over the same period in the previous year.
"The combination of ACN into TSSN brings EVRO additional management experience in the Television Home Shopping industry, more efficient merchandise distribution and fulfillment operations, a larger television audience with 24 hour broadcasting operations, more production equipment, and greater economies of scale," said Tom Jensen, EVRO's chairman of the board.
In a separate transaction, EVRO has had additional meetings and discussions with The American Independent Network The American Independent Network was one of the first major attempts at building a low-powered network, consisting of -LP and -CA stations. It was similar to the older Channel America (and its successor, America One (A1)), and was the foundation for Urban America TV (UATV). Inc. regarding a final agreement between the parties, and anticipates completion of the transaction in the next few days. More details of the transaction will be disclosed, at such time.
The corporate offices of EVRO are located at 10002 Princess Palm Ave., Suite 304, Tampa, FL 33619.
For further information, contact Brendon Rennert, Shareholder Relations at 813/623-6044.
CONTACT: EVRO Corp., Tampa
Brendon Rennert, 813/623-6044