Versent Corporation Purchases Majority Interest in Color Me Mine.
Color Me Mine, founded in 1992 and based in Los Angeles, currently operates 5 company studios and supports 36 franchises, including 3 in Canada and 1 in the United Kingdom. The Company has signed agreements for 34 additional franchises in the US. Color Me Mine's annual revenues are approximately US$2 million and annualized systemwide sales are in excess of US$8 million. Color Me Mine is the only significant chain among the over 400 independent contemporary ceramic studios in North America. "The purchase of Color Me Mine is part of our continuing strategy to enter the US$11 billion craft industry", said Greg Thompson, President and CEO of Versent. "We see a number of potential synergies with Chromacolour, which the Corporation acquired earlier this year, along with the expertise we have developed in location based entertainment with Laser Quest."
Mike Mooslin will continue as the President and CEO of Color Me Mine and holds the minority interest in CMME. "The management and staff are very pleased to be joining the Versent family and believe the move will contribute significantly toward accelerating the profitable expansion of our concept", said Mooslin.
Versent Corporation is a diversified growth-oriented leisure and entertainment company with five related operating divisions: -0-
-- Laser Quest, the world's premier laser tag concept, with over 50 owned and operated Laser Quest Centres in North America; -- Starburst Coin Machines, one of Canada's largest distributors and operators of coin-operated amusement machines; -- Threshold Electronics, a specialty electronics design and manufacturing company which produces the Laser Quest equipment; -- Chromacolour, the world's leading supplier of specialized paint, paper, and related products to the animation industry; and -- Color Me Mine, the world's leader in franchising "paint-your own" ceramics studio.
There are approximately 9.4 million shares of Versent Corporation issued and outstanding and the Company's trading symbol on the TSE is VTC.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
CONTACT: Versent Corporation F. Gregory Thompson, 905/678-4490 David A. Rosenkrantz, 416/597-1100
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|Date:||Aug 21, 1998|
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