Workforce Systems completes $945,000 private placement; commencement of TV Advertising for Mr. Food's AlloFresh set for June 30th.ALCOA, Tenn.--(BUSINESS WIRE)--June 26, 1996--Workforce Systems Corp. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : WFSC WFSC Weather Facsimile Switching Center ) today reported that it has completed a private placement of 220,000 restricted shares of its common stock, resulting in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the Company of approximately $945,000. The shares were purchased by two institutional funds and two individual accredited investors. Workforce intends to use the proceeds from the transaction principally to provide additional funding for its advertising and marketing program for its new consumer product, Mr. Food Art Ginsburg, commonly known as Mr. Food, is a television and radio chef who emphasizes simple to moderately complex recipes. With a notably enthusiastic style, Mr. Food specializes in practical food preparation techniques often using readily available ingredients such as (R)'s AlloFresh. The Company currently anticipates that direct response television advertisements for Mr. Food(R)'s AlloFresh will begin airing in select local markets, including on WRGB WRGB White Red Green Blue (color filter) in Albany, N.Y., on June 30, 1996. The commercials are expected to begin airing nationwide on various high profile national cable television channels, such as USA, CNBC CNBC Center for the Neural Basis of Cognition (artificial intelligence) CNBC Consumer News and Business Channel CNBC Congress of National Black Churches, Inc. and Lifetime, on July 1, 1996. The Company plans to shortly release a projected broadcast schedule for the planned 8 to 10 week direct response television advertising campaign. The product will initially be offered to the direct response market at an introductory price of $19.95, plus shipping and handling, for a package of three units. It is anticipated that Mr. Food(R)'s AlloFresh will be available on retail shelves beginning on August 1, 1996 for a suggested introductory retail price of $6.98 per unit. Endorsed by Art Ginsburg, the nationally-syndicated TV chef known to millions as "Mr. Food(R), Mr. Food(R)'s AlloFresh keeps foods fresher, up to twice as long as without it. Made naturally from minerals, non-toxic and environmentally-safe Mr. Food(R)'s AlloFresh works to prevent food decay and eliminates bacteria, moisture, mold, mildew mildew, name for certain fungi and protists, for the diseases they cause in various crops, and for the discoloration (and sometimes the weakening and disintegration) they cause in such materials as leather, fabrics, and paper. and odors in refrigerators, the kitchen and all around the house. Mr. Food(R)'s AlloFresh is also completely renewable, requiring only 2 minutes in a microwave oven each month to refresh the product. Workforce Systems Corp., whose subsidiaries include companies involved in manufacturing, marketing and distribution and employee staffing services, is a growth-oriented small-cap company. Workforce's application for the listing of its common stock on 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 is pending. While there can be no assurances such listing will be granted, management believes Workforce meets all requisite criteria for inclusion. CONTACT: Workforce Systems Corp., Alcoa Ella Chesnutt, 423/681-6034 or Infinity Consulting Group, 954/938-1919 |
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