THE FUTURE NOW, INC. ANNOUNCES SHAREHOLDER AND REGULATORY APPROVALS OF PROPOSED ACQUISITION
THE FUTURE NOW, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic.
Antonym: dec. . ANNOUNCES SHAREHOLDER AND REGULATORY reg·u·late
tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates
1. To control or direct according to rule, principle, or law.
2. APPROVALS OF
PROPOSED ACQUISITION CINCINNATI, June 15 /PRNewswire/ -- The Future Now, Inc. (NASDAQ: FNOW), the Cincinnati-based computer reseller, today announced that its shareholders have approved the previously announced acquisition of nine computer reselling operations owned by Intelligent Electronics, Inc. (NASDAQ/NMS: INEL). The company also stated that all regulatory approvals required for the transaction have been received. President and chief executive officer Terry L. Theye commented: "We are pleased by these approvals and expect to complete the acquisition on July 2, 1992." The operations to be acquired are located in or near Boston, Dallas, Los Angeles, Nashville, Tenn., New York, Pittsburgh, San Francisco, St. Louis and the District of Columbia. Following the acquisition, The Future Now will be one of the ten largest computer resellers in the United States, based on sales volume, with pro forma 1991 revenue of approximately $350 million. The Future Now will issue 1,638,377 shares of its common stock to Intelligent in exchange for the operations acquired. Intelligent will own 31.1 percent of The Future Now's issued and outstanding shares and will hold a seat on its board of directors. The acquisition will be accounted for as a purchase. Upon completion of the transaction, The Future Now management will remain in place, with the substantial majority of Intelligent's Company Center Division staff becoming employees of The Future Now. The company will hire up to 30 employees at its corporate headquarters in Cincinnati to handle the additional responsibilities associated with the anticipated volume increase. The Future Now also announced that William G. Kagler, 60, was elected to its board of directors. Kagler is president, chief executive officer and a director of Skyline Chili Inc. and formerly served as president of The Kroger Co. In addition to The Future Now and Skyline Chili, Kagler serves on the boards of directors of Fifth Third Bancorp and Fifth Third Bank; The Union Central Life Insurance Company; The Ryland Group, Inc.; Libby Perszyk Kathman (LPK) Inc; and Advanced Promotion Technologies, Inc. In addition, The Future Now announced that Norma Skoog was elected vice president, secretary and general counsel. Prior to joining The Future Now, Skoog was vice president and secretary of The Kroger Co. Skoog serves on the boards of WCET and the Contemporary Arts Center. The Future Now also announced that it has no current plans to make a public offering of shares of its common stock. The company will continue to analyze the market price for the company's common stock, general market conditions and the company's funding needs on connection with the advisability of a future public offering. Finally, The Future Now announced that its shareholders have approved an increase in the number of authorized shares of common stock of the company from 5,000,000 to 20,000,000. The Future Now sells, installs and services microcomputers, microcomputer software products and turn-key microcomputer systems for business, professional, educational and governmental customers. With more than 550 employees, the company currently has 15 sales offices in eight states. -0- 06/15/92 CONTACT: David L. Durham, vice president of finance, The Future Now, 513-771-7110 (FNOW,INEL) CO: THE FUTURE NOW IN: CPR SU: TNM ST: OH -- CL007 -- X495 06/15/92