Western Publishing Group makes announcement.NEW YORK--(BUSINESS WIRE)--April 29, 1996--Western Publishing Group Inc. ("WPGI WPGI Worldwide Product Group Ireland ")(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : WPGI) announced today that it has elected Powerhouse Entertainment Company Inc. ("Powerhouse") to develop six CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). storybooks based on properties owned or licensed by WPGI. Western obtained the option to require Powerhouse to develop these products in connection with the proposed acquisition of WPGI's Series B Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". by Golden Press Holdings, L.L.C. ("GPH GPH Gallons Per Hour GPH Gospel Publishing House (Pentecostal Christian publisher) GPH Grams Per Hour GPH Good Payment History GPH Generalized Proportional Hazard(s) GPH Gnome Phone ") and the election is subject to the closing of this transaction. The closing is scheduled to occur on May 8, 1996, subject to approval thereof by WPGI's shareholders at a Special Shareholders' Meeting to be held on that date. GPH advised WPGI that it supports WPGI's election with respect to the development arrangement. WPGI also announced that, effective as of the purchase of the Series B Convertible Preferred Stock, WPGI will transfer the shares of its two wholly-owned operating subsidiaries, Western Publishing Company Western Publishing Company was a publishing firm based in Racine, Wisconsin, that was responsible for Golden Books. It originally produced games such as Outburst, Pictionary, and Solarquest. It was later acquired by Hasbro. Inc. and Penn Corporation, to a newly formed, wholly-owned subsidiary of WPGI, called Golden Press Inc. ("GPI (Graphical Programming Interface) A graphics language in OS/2 Presentation Manager. It is a derivative of the GDDM mainframe interface and includes Bezier curves. "). The shares of the two operating subsidiaries constitute substantially all the assets of WPGI. Accordingly, as required by the Indenture in respect of the 7.65% Senior Notes due 2002 of WPGI, GPI will assume all of WPGI's obligations under the Indenture. Western Publishing Group Inc., through its Western Publishing Company subsidiary, creates, publishes, manufactures, prints and markets story and picture books, interactive electronic books and games, computer and multi-media "edutainment" products, as well as coloring books and activity books and products for children. These products are sold principally under the GOLDEN BOOKS(R) brand. The company also produces and markets Frame-Tray(R) puzzles, children's pre-recorded videos and special interest books for the entire family. Western Publishing Company also offers a wide range of printing, graphic, creative and distribution services to customers in industry and government. Western Publishing Group Inc., through the Beach Products Division of its Penn Corporation subsidiary, is engaged in the manufacture and sale of decorated paper tableware, party goods, stationery and gift products. CONTACT: Western Publishing Group Inc., New York Ira A. Gomberg, 212/688-4500 |
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