CALIFORNIA VENTURE GROUP COMPLETES MERGER WITH HEARTLAND INDUSTRIES, INC.
CALIFORNIA VENTURE GROUP COMPLETES MERGER WITH HEARTLAND INDUSTRIES, INC. FRESNO, Calif., Jan. 3 /PRNewswire/ -- Thomas J. Bernard, chairman of California Venture Group ("CVG") (OTC) and John H. Wise, chairman of privately held Heartland Industries Inc., ("Heartland") announced today the completion of the merger of California Venture Group and Heartland. As previously announced, California Venture Group acquired all of the issued and outstanding stock of Heartland in exchange for common and preferred shares of CVG. The transaction was effective as of Dec. 30, 1991. The exchange resulted in the shareholders of Heartland becoming the majority shareholders of CVG. Thomas J. Bernard, William F. Coffin and Alex N. Pananides, current directors of CVG will remain on the board of directors of the consolidated company. Current members of Heartland's board who will become board members are John Wise, Darwin Heggem, Kent Kunz, Richard Gossage and Kenneth Ambrose bringing to eight, the total number of directors. It is anticipated that a special meeting of shareholders will soon be held to consider, among other items, the change of the corporate name from California Venture Group to Heartland Inc. California Venture Group is a publicly owned company with its assets comprised primarily of cash and notes receivable. Heartland Industries Inc., with operations in California, Colorado and Nebraska, is a producer, processor and distributor of beef and related meat products for markets in the United States and Pacific Rim countries, with annual revenues of approximately $100 million. John H. Wise, chairman of the board of the combined company said, "We are pleased to announce the completion of the merger of Heartland and CVG. We anticipate that the combination of resources of the two companies will facilitate even more rapid and profitable growth of the combined companies in the future." -0- 1/3/92 /CONTACT: Thomas J. Bernard or John H. Wise of California Venture Group/Heartland Industries, 209-252-7097; or William F. Coffin of Coffin Communications Group, 818-789-0300, for California Venture Group/Heartland Industries/ CO: California Venture Group; Heartland Industries Inc. ST: California IN: SU: TNM
KJ -- LA013 -- 6644 01/03/92 19:13 EST
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|Date:||Jan 3, 1992|
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