THE FUTURE NOW, INC. ANNOUNCES PROPOSED ACQUISITION
THE FUTURE NOW, INC. ANNOUNCES PROPOSED ACQUISITION CINCINNATI, May 12 /PRNewswire/ -- The Future Now, Inc.
(NASDAQ: FNOW) the Cincinnati-based computer reseller, today announced it has signed a definitive agreement for the previously announced acquisition of nine computer reselling operations owned by Intelligent Electronics, Inc. (NASDAQ/NMS: INEL). Completion of the transaction continues to be subject to regulatory approval and approval of the shareholders of The Future Now, who will vote on the transaction at a special meeting to be held on June 12, 1992. If approved, the acquisition would be completed by early July.
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 would be one of the 10 largest computer resellers in the United States, based on sales volume, with pro forma 1991 revenue of approximately $350 million. The agreement calls for The Future Now to issue 1,638,377 shares of its common stock to Intelligent in exchange for the operations acquired. Intelligent would own 31.1 percent of The Future Now's issued and outstanding shares and would hold a seat on its board of directors. The acquisition would be accounted for as a purchase. Future Now president and chief executive officer Terry L. Theye commented, "The signing of this agreement signifies the successful completion of months of negotiations for this significant acquisition. The acquisition will give The Future Now a national presence, and is designed to build upon our competitive position and further our rapid expansion plans." Upon completion of the transaction, The Future Now executive staff is expected to remain in place, with the substantial majority of Intelligent's Company Center Division staff becoming employees of The Future Now. The company already has begun the process of hiring up to 30 employees at its corporate headquarters in Cincinnati in order to handle the additional responsibilities associated with the anticipated increased volume. 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- 5/12/92 /CONTACT: David L. Durham, vice president of finance, treasurer and secretary of The Future Now, Inc., 513-771-7110/ (FNOW) CO: The Future Now, Inc.; Intelligent Electronics, Inc. ST: Ohio IN: CPR SU: TNM
KK -- CL009 -- 9030 05/12/92 10:23 EDT
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|Date:||May 12, 1992|
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