EAST STAR CORP. ACQUIRES SEABOARD AUTOMOTIVE, INC.
BLACKWOOD, N.J., Nov. 24 /PRNewswire/ -- On Nov. 22, 1993, East Star Corp. (the "Company"), acquired all of the outstanding capital stock of Seaboard Automotive, Inc. ("Seaboard") in exchange for the issuance of 4,250,000 shares of Common Stock of the Company to the stockholders of Seaboard. Seaboard is a New Jersey-based corporation engaged in the wholesale and retail distribution of automotive after-market parts in Southern New Jersey and Eastern and Central Pennsylvania. Seaboard had net sales of approximately $21,490,000 and net income of approximately $224,000 during its fiscal year ended June 30, 1993. In connection with the acquisition, the Company changed its name to Seaboard Automotive, Inc., all of the existing directors and officers of the Company resigned, and the directors and officers of Seaboard became the directors and officers of the Company. James R. Coulter was elected Chairman of the Board of the Company. In February 1992, a registration statement for 18,000 shares of the Company's Common Stock was declared effective by the Securities and Exchange Commission. Such shares are quoted in the "pink sheets" daily publication of the National Quotation Bureau. -0- 11/24/93 /CONTACT: James R. Coulter of East Star Corp., 609-227-2252/
CO: East Star Corp.; Seaboard Automotive, Inc. ST: New Jersey IN: AUT SU: TNM
SP-MP -- NY042 -- 7649 11/24/93 12:41 EST
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|Date:||Nov 24, 1993|
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