Printer Friendly

CREST INDUSTRIES ANNOUNCES SIGNING OF LETTER OF INTENT RELATING TO PROPOSED BUSINESS COMBINATION

 CREST INDUSTRIES ANNOUNCES SIGNING OF LETTER OF INTENT
 RELATING TO PROPOSED BUSINESS COMBINATION
 MIAMI, Aug. 12 /PRNewswire/ -- Crest Industries, Inc. (NASDAQ: CRII) today announced that it has signed a letter of intent relating to a proposed business combination with M.G. Products, a privately held manufacturer and distributor of lighting products whose chief executive officer and principal shareholder is Patrick Farrah.
 The letter of intent contemplates a possible stock-for-stock transaction pursuant to which Crest would issue an amount of common stock such that the existing shareholders of M.G. Products would own between 60 percent and 75 percent of Crest's outstanding shares after the transaction. The letter of intent also contemplates that Farrah would become chief executive officer of Crest upon consummation of the transaction. However, the parties have not reached any understanding of agreement as to specific terms and neither the revenues nor the earnings of M.G. Products have been disclosed to the public. Moreover, consummation of any business combination would be subject to a number of conditions, including the negotiation and execution of an acceptable definitive agreement, approval by Crest's board of directors and shareholders, and the completion of a due diligence investigation to Crest's satisfaction. There is no assurance that the proposed business combination will be consummated.
 Crest is primarily engaged in the importation and wholesale distribution of home improvement products, including ceiling fans, room air conditioners, track and recessed lighting products, dehumidifiers and plumbing fixtures.
 -0- 8/12/92
 /CONTACT: Ronald S. Kepes, president and CEO of Crest, 305-592-5699/
 (CRII) CO: Crest Industries, Inc.; M.G. Products ST: Florida IN: HOU SU: TNM


TS-LR -- NY020 -- 9293 08/12/92 09:52 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 12, 1992
Words:277
Previous Article:CYTOGEN AND CYTORAD INITIATE CLINICAL TRIALS OF CANCER THERAPY AGENT
Next Article:REGULATORY PENDULUM PUSHES AGAINST DUAL BANKING SYSTEM, IBAA SAYS
Topics:


Related Articles
CREST INDUSTRIES ANNOUNCES PRELIMINARY DISCUSSIONS RELATING TO PROPOSED BUSINESS COMBINATION
CREST INDUSTRIES, INC. ANNOUNCES TERMINATION OF DISCUSSIONS RELATING TO PROPOSED BUSINESS COMBINATION
MONSANTO TO ACQUIRE 49.9% EQUITY STAKE IN CALGENE
Medi-Ject Announces Loan From Permatec Holding AG.
Datec Signs Letter of Intent for Business Combination.
Home Solutions of America Signs Letter of Intent to Acquire Quality Interiors.
Emerge Interactive, Inc. Files for Bankruptcy Protection.
Global Services Partners Acquisition Corp. Announces Letters of Intent.
Middle Kingdom Alliance Corp. Announces Signing of Letter of Intent.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters