Printer Friendly

WEDDING INFORMATION NETWORK, INC., ANNOUNCES ACQUISITION OF COLORADO DESIGNS, INC.

              WEDDING INFORMATION NETWORK, INC., ANNOUNCES
                 ACQUISITION OF COLORADO DESIGNS, INC.
    OMAHA, Neb., Nov. 7 /PRNewswire/ -- Wedding Information Network, Inc. (NASDAQ: WINN), announced today that on Nov. 1, 1991, the company purchased Colorado Designs, Inc., a Denver corporation doing business as Exquisite Designs, Inc., the leading supplier of motorsports apparel and involved in the specialty advertising industry.
    Under the terms of the purchase agreement, Wedding Information Network, Inc. (the "company"), has acquired Colorado Designs, Inc., in an exchange of common stock.  Under the purchase agreement the company privately issued 250,000 shares of company common stock in exchange for 100 percent of the outstanding stock of Colorado Designs, Inc., which will remain as a wholly owned subsidiary of the company. The 250,000 shares of company common stock will be held in escrow for a period of two years.  The shares issued by the company as the purchase price may be adjusted based on certain covenants in the purchase agreement.  After a five-year holding period, the company may be obligated to issue additional shares (up to 1,250,000 shares maximum) of common stock to the sellers in the event the price of the company's common stock has not equaled or exceeded $3 per share (as adjusted in certain events) for any period of 90 consecutive calendar days from between two years and five years after Nov. 1, 1991.
    Kenneth L. Nanfito, chief executive officer of the company, stated, "The acquisition was made to provide new opportunities for the company's growth.  Exquisite Designs is a company with a reputation for quality and has a significant portion of the motorsports apparel business."
    Colorado Designs, Inc., D/B/A Exquisite Designs, which has been in the motorsports apparel business since 1975, had revenues of $3,150,000 for the fiscal year ended Dec. 31, 1990, with a loss of $217,466 (unaudited).  As of Sept. 30, 1991, it reported assets of $964,594 and liabilities of $647,320 (unaudited), and earnings of $13,337 (unaudited) for the nine-month period ended Sept. 30, 1991.
    Wayne Taziri, the former vice president and general manager for the company will now become executive vice president and general manager. Kenneth L. Nanfito, chief executive officer of Wedding Information Network, Inc., will take the title of president.
    -0-                    11/7/91
    /CONTACT:  Kenneth L. Nanfito of Wedding Information Network, 1-800-843-4983/
    (WINN) CO:  Wedding Information Network, Inc.; Colorado Designs, Inc. ST:  Nebraska IN: SU:  TNM JS -- MN015 -- 2432 11/07/91 17:31 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 7, 1991
Words:414
Previous Article:WEDDING INFORMATION NETWORK ANNOUNCES PURCHASE
Next Article:NYMEX, AT&T AND TMI SIGN CONTRACT TO BUILD ACCESS ELECTRONIC TRADING SYSTEM
Topics:


Related Articles
WEDDING INFORMATION NETWORK ANNOUNCES PURCHASE
WEDDING INFORMATION NETWORK, INC., ANNOUNCES REVENUES AND EARNINGS FOR THE THREE MONTHS AND QUARTER ENDED SEPT. 30, 1991
WEDDING INFORMATION NETWORK ANNOUNCES REVENUES AND RESULTS OF OPERATIONS FOR THE SIX MONTHS AND QUARTER ENDED DEC. 31, 1991
WEDDING INFORMATION NETWORK ANNOUNCES REVENUES AND RESULTS OF OPERATIONS FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 1992
WEDDING INFORMATION NETWORK, INC. ANNOUNCES REVENUES AND EARNINGS FOR THE YEAR ENDED JUNE 30, 1992
IHS GROUP ACQUIRES U.K. AND AUSTRALIAN COMPANIES; THREE ACQUISITIONS TO DATE IN 1993, MORE EXPECTED
WEDDING INFORMATION NETWORK INC. ANNOUNCES REVENUES AND EARNINGS FOR THE YEAR ENDED JUNE 30, 1994
PHOTRONICS COMPLETES ACQUISITION OF MICROPHASE LABORATORIES, INC.
SOS STAFFING SERVICES, INC. ANNOUNCES ITS INTENT TO ACQUIRE THE PERFORMANCE GROUP OF DENVER, COLORADO
WEDDING INFORMATION NETWORK, INC. Revenues and Earnings for the Year

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters