NPS International - OTC BB:NPSZ - Subsidiary And Polish First National Investment Fund Agree To Terms On sale Of PAFAL S.A.NEW YORK--(BUSINESS WIRE)--April 8, 1999--Polcorp Industries, Inc., a 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 publicly traded NPS NPS National Park Service NPS Naval Postgraduate School NPS Net Promoter Score (customer management) NPS Non-Point Source pollution NPS Native Plant Society NPS Norfolk Public Schools (Virginia) International Corporation, Ogdensburg, N.Y., and First National Investment Fund (NIF NIF See: Note issuance facility I), Warsaw, today announced that they have signed a Letter of Intent whereby Polcorp has agreed to purchase approximately 85% of the outstanding shares of PAFAL S.A., Poland's largest manufacturer of electric metering equipment. Polcorp has agreed to purchase additional shares which NIF I, acting as the lead selling shareholder and owner of 33% of PAFAL shares, may offer up for sale. The transaction, which can cost Polcorp as much as PLN PLN In currencies, this is the abbreviation for the Polish Zloty. 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 $1 trillion. 45,000,000 ($US 11.5 million), is scheduled to close on or before July 31, 1999. PAFAL S.A. is headquartered in the city of Swidnica and employs a work force of 2000. The company, which had profitable revenues in excess of PLN 125,000,000 (approximately $US 32 million) in fiscal 1998, produces 85% of all of the electric meters sold in Poland as well as a broad range of measuring and control apparatus for cars, trucks, delivery vans and tractors. Michael S. Wexler, President 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. , NPS/Polcorp, explains that "PAFAL is a leader in the controls/instrumentation business in Poland. It is a profitable, high quality manufacturing operation with expanding sales on both the domestic and international front. It is a business that we not only understand, but, more importantly, we are confident that we will be able to grow and develop with the capital and management resources we intend to invest in this project in the years ahead." Adds Mr. Wexler, "PAFAL will bring to our fast growing infrastructure manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. in Poland a great deal of added value in terms of synergistic production capabilities and capacity, all of which bodes well for future profit gains across the board. We see substantial opportunities for internal rationalization and enhanced cost efficiencies throughout our manufacturing operations in Poland." Note: Forward looking statements in this release 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. Investors are cautioned that such forward looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, increased levels of competition for the company, new products and technological changes, the company's dependence upon third party suppliers, intellectual property rights and other risks detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission. |
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