ALL AMERICAN COMMUNICATIONS INC. ANNOUNCES ASSET PURCHASE AGREEMENT WITH LBS COMMUNICATIONS INC.
ALL AMERICAN COMMUNICATIONS INC. ANNOUNCES ASSET PURCHASE AGREEMENT WITH LBS COMMUNICATIONS INC. SANTA MONICA, Calif., Dec. 10 /PRNewswire/ -- All American Communications Inc. (NASDAQ: AACI) announced today that it has entered into an Asset Purchase Agreement with LBS Communications Inc. for the acquisition by AACI of substantially all of the programming, advertiser and television commitments of LBS. LBS filed for bankruptcy reorganization under Chapter 11 on Wednesday, Dec. 4. The bankruptcy filing was the agreed upon first step in the acquisition process. Anthony J. Scotti, chairman of AACI, stated that "We are delighted that Henry Siegel and the LBS family will soon be joining AACI and will be working with Syd Vinnedge, president of All American Television Entertainment, and the current management of All American Television. The combination of our two companies with the dynamic Henry Siegel as president of the All American/LBS Television Group, will enable AACI to become a new force in the television syndication and barter industry. We look forward to the speedy consummation of the business combination. Siegel, chairman of LBS, noted that "The combination with All American will enable LBS to honor its valuable producer, advertiser and station commitments and expand its ability to better serve the television and advertising community. I am excited to be joining AACI to help it grow its business." The asset acquisition will close at the confirmation of the plan of reorganization for LBS, anticipated in the spring of 1992. Pending completion of the acquisition, the two companies will combine many of their activities to meet their ongoing station, advertising and producer commitments. -0- 12/10/91 R /CONTACT: Thomas Bradshaw CFO of All American Communications, 310-450-3193 or Arthur E. Rockwell, CFA-Rockwell Communications, 818-559-1496/ (AACI) CO: All American Communications Inc.; LBS Communications Inc. ST: California IN: ENT SU:
EH -- LA008 -- 1069 12/10/91 13:52 EST
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|Date:||Dec 10, 1991|
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