Ethika Corp. signs letter of intent to acquire TSG Holdings Inc.HILTON HEAD ISLAND Hilton Head Island An island off the southern coast of South Carolina in the Sea Islands of the Atlantic Ocean. It is a popular tourist resort. The town of Hilton Head Island, on the northeast coast, has a population of 35,200. , S.C.--(BUSINESS WIRE)--May 15, 1997--Ethika 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 symbol: ETKA), headquartered on Hilton Head Island, South Carolina and TSG Holdings, Inc. of Savannah, Ga. announced today that they have signed a letter of intent which could potentially lead to the acquisition of TSG by Ethika. Successful completion of ongoing negotiations and the approval of each company's Board of Directors will be required before the agreement becomes final. TSG is a privately-held water resource management company which currently supplies professional management for public and private water companies in the southeast. In addition to operating total water utility facilities, TSG offers maintenance and service contracts for its many customers in the region. James D. Walker James David Walker (1830-1906) was a Democratic Party politician from Arkansas who represented the state in the U.S. Senate from 1879 to 1885. His uncle was Finis McLean who served as United States Representative from Kentucky. , president of TSG stated "The proposed agreement with Ethika would permit us to transform our private water resource management firm into a public utilities company. We believe this new affiliation would help us to grow more aggressively in the vital water supply market." Ethika Corp's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , S. Leroy Reed, Jr., stated "TSG meets all the criteria we have established for acquisitions as we restructure our company in diverse fields of applied technology. There is a rapidly growing demand for water to keep pace with new commercial and residential development. The basic technology is already in place. Most important, TSG has a very strong team experienced in water resource management." Reed added, "If successfully completed, the acquisition of TSG would offer important diversification from the solid base in PC-related electronic publishing which we have built in recent months." Since April 1996, Ethika has completed the acquisitions of Text Retrieval Systems, Inc. of Ponte Vedra Beach, Florida
Ponte Vedra Beach is an unincorporated seaside community 18 miles (29 km) southeast of downtown Jacksonville, Florida, near St. Augustine, Florida in St. and Compass Data Systems, Inc. of Salt Lake City, Utah For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. . Both companies are engaged in producing and marketing sophisticated electronic reference libraries for a wide range of markets. In November Ethika purchased the rights to the CodeManager product line. This medical practice management tool is currently being published and marketed cooperatively with the American Medical Association American Medical Association (AMA), professional physicians' organization (founded 1847). Its goals are to protect the interests of American physicians, advance public health, and support the growth of medical science. . Ethika said it continues to seek additional acquisitions in field of applied technology which have high growth potential. CONTACT: Ethika Corp. G. Thomas Reed, 803/785-7850 |
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