ACORN ANNOUNCES THAT IT HAS ACQUIRED ALL OF THE STOCK OF RECTICON ENTERPRISES, INC.
POMPANO BEACH, Fla., July 14 /PRNewswire/ -- Acorn Venture Capital Corporation announced today that it has acquired Recticon Enterprises, Inc. ("Recticon") by issuing 800,000 shares of Acorn stock, on a private placement basis, in exchange for all of the stock of Recticon. Recticon, located in Pottstown, Pa., manufactures monocrystalline silicon wafers, which are made from silicon boules and are the basic substrate from which integrated circuits and other semiconductor devices are fabricated. Recticon's wafers are used by university research departments and microelectronic manufacturers, and are best suited for use in electronics devices employed in avionics, telecommunications and computers. Stephen A. Ollendorff, president of Acorn, stated that he is particularly pleased with this acquisition, since Robert Freeman, chief executive officer of Recticon, has also been serving as chief executive officer of Data Access Systems, Inc., a wholly owned subsidiary of Acorn. Mr. Ollendorff noted that the acquisition of Recticon not only is a continuation of Acorn's philosophy of acquiring a controlling interest in emerging companies, but adds the additional element of being able to utilize Mr. Freeman's skills on a full-time basis. Acorn is a business development company whose stock is traded on the NASDAQ Small-Cap Market under the symbol AVCC. Acorn's primary objective is to obtain controlling interests in emerging companies. -0- 7/14/93 /CONTACT: Stephen A. Ollendorff, 212-481-9500, for Acorn Venture Capital Corporation/ (AVCC)
CO: Acorn Venture Capital Corporation; Recticon Enterprises, Inc. ST: Florida, Pennsylvania IN: CPR SU: TNM
LR-OS -- NY077 -- 1538 07/14/93 15:12 EDT
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|Date:||Jul 14, 1993|
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