Kelly's Coffee Group Positioned for Reverse Merger.Business Editors SALT LAKE CITY--(BUSINESS WIRE)--March 27, 2001 Kelly's Coffee Group Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : KLYS KLYS Konstnärliga och Litterära Yrkesutövares Samarbetsnämnd (Swedish Joint Committee for Artistic and Literary Professionals) ) Tuesday announced the filing of its Form 10KSB KSB Kogod School of Business (American University) KSB Kelley School of Business (Indiana University) KSB Kantonsschule Am Brühl St. for the 10-month year ended Dec. 31, 2000. The company showed record earnings of $2,202,761 (for 10 months) compared to $492,884 for the previous 12 months. Net income per share was $.04. During the course of the year, the company was able to extinguish $1,658,048 in liabilities from previously discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . Wichita Development Corp., a formerly owned subsidiary, erased $712,738.98 of those liabilities. The company's majority interest was subsequently distributed to its shareholders in a registered spin-off on Jan. 2, 2001. Wichita Development Corp.'s Form 10KSB for the 12-month period ending Dec. 31, 2000 reflects a net income of $369,825, or $.04 a share. The company is free of significant debt with total assets of approximately $250,000, and total liabilities of approximately $12,000. Well positioned for a reverse merger, the company is actively seeking to identify potential business opportunities with candidates that meet the Nasdaq small-cap listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. . Information regarding potential candidate companies may be directed to the company's president, Richard Surber, at 801/575-8073 ext. 106. For a detailed copy of the reports mentioned above, go to: www.sec.gov. A number of statements contained in this press release are forward-looking statements which are made pursuant to the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements involve a number of risks and uncertainties including but not limited to, competitive market conditions, successful integration of acquisitions, and the ability to secure additional sources of financing. The actual results that Kelly's Coffee Group or Wichita Development Corp. may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Investors should be aware that commercial real estate is subject to substantial risks arising from a number of areas including, but not limited to, interest rates, supply of new space, zoning changes, and various other factors. |
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