EVRO Corp. announces execution of an agreement to acquire America's Collectibles Network Inc. and to merge ACN into The Sports & Shopping Network Inc.
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. The Preferred Stock 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 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 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 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
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|Date:||Apr 27, 1995|
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