ACORN ANNOUNCES THAT IT HAS SIGNED A LETTER OF INTENT TO ACQUIRE RECTICON ENTERPRISES, INC.
POMPANO BEACH, Fla., June 14 /PRNewswire/ -- Acorn Venture Capital Corporation (NASDAQ Small-Cap Market: AVCC) announced today that it had signed a letter of intent with Recticon Enterprises, Inc. (Recticon) whereby Acorn will acquire Recticon, by an exchange of stock. 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 potential acquisition, since Robert Freeman, the chairman of Recticon has also been serving as the president 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 also announced today that the negotiations to acquire a controlling interest in Carburetion Labs International, Inc. have been terminated. 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- 6/14/93 /CONTACT: Stephen A. Ollendorff of Acorn Venture Capital, 212-481-9500/ (AVCC)
CO: Acorn Venture Capital Corporation ST: Florida IN: SU:
LR-PS -- NY066 -- 1650 06/14/93 12:28 EDT
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|Date:||Jun 14, 1993|
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