Leslie Building Products Announces Consummation of Sale of Substantially All of Its Assets.WHITE PLAINS, N.Y./WAYNE, N.J.--(BUSINESS WIRE)--June 18, 1998-- Leslie Building Products, Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :LBPI) and a newly formed subsidiary of Building Materials Corporation of America, d/b/a GAF Materials Corporation GAF Materials Corporation is a company based in Wayne, New Jersey that has roots dating back to the late 19th Century. The company has historically been primarily focused on manufacturing of roofing materials. ("GAF GAF Global Assessment of Functioning GAF German Air Force GAF General Aniline & Film GAF Gender AIDS Forum (South Africa) GAF Ghana Armed Forces GAF Get A Freelancer (freelance services website) "), today announced that Leslie-Locke, Inc., the wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of LBPI, sold substantially all its net assets to GAF, for cash of approximately $44 million and the assumption of certain of Leslie-Locke's liabilities. After paying outstanding debt, closing costs and taxes, Leslie-Locke will have in excess of $25 million in cash. A substantial portion of the net proceeds from the purchase price will be deposited in escrow for two years. Such funds may be released from escrow and used by Leslie-Locke at any time to acquire other businesses, for investments, and for certain other permitted payments. In connection with the sale, Leslie Building Products, Inc. will change its name to LBP LBP In currencies, this is the abbreviation for the Lebanese Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. , Inc. (Symbol LBPI) and Leslie-Locke will change its name to Prime Acquisition Corp.
CONTACT: Leslie Building Products, Inc.
Leigh J. Abrams
President and Chief Executive Officer
(914) 421-2545,
Fax: (914) 428-4581
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