ACQUISITION OF CARTOW BY SUBSIDIARY OF LOGOS INTERNATIONAL INC.
SALT LAKE CITY, May 6 /PRNewswire/ -- Logos International Inc. (OTC: LOGO) announced today that its wholly owned subsidiary, TAC Inc., has entered into an agreement to acquire CARTOW, one of the largest automobile towing and recovery operations in Utah. The agreement outlines a six-month trial period, whereby at the end of the six months, TAC is to give CARTOW $1,400,000, payable in a combination of restricted Logos common stock and cash. If at the end of the six-month period, TAC is unable to provide CARTOW with $665,000 in cash, CARTOW shall have the option to terminate or extend the agreement. Logos operates a holding company which attempts to develop the companies it acquires. Logos actively seeks out firms in quality, high potential industries which are operating below their capability. CARTOW is the second automobile towing and recovering service to come under the umbrella of Logos. TAC is an indoor storage facility which provides a centralized location for insurance companies, adjusters and government agencies to inspect damaged or repossessed vehicles. Logos believes that this acquisition will enable the company to achieve its long-range goals related to this industry. -0- 5/6/93 /CONTACT: Chad Burnett, president of Logos International, 801-575-8311/ (LOGO)
CO: Logos International Inc.; TAC Inc.; CARTOW ST: Utah IN: SU: TNM
BP-JL -- LA014 -- 5163 05/06/93 07:02 EDT
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|Date:||May 6, 1993|
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