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EMERSON RADIO AND SEMI-TECH (GLOBAL) LIMITED ANNOUNCE AGREEMENT

 EMERSON RADIO AND SEMI-TECH (GLOBAL) LIMITED ANNOUNCE AGREEMENT
 NORTH BERGEN, N.J., April 1 /PRNewswire/ -- Emerson Radio Corp. (NYSE: EME) today announced that Emerson and Semi-Tech (Global) Limited have executed an agreement effective today pursuant to which the companies have terminated the Securities Purchase Agreement between them under which, among other things, Semi-Tech would have invested $30 million of equity capital in Emerson, had the right to designate a majority of Emerson's board of directors and entered into an operating agreement.
 Emerson Radio further announced that, in place of the Securities Purchase and Operating Agreements, Emerson and Semi-Tech have entered into a Supply Agreement giving Semi-Tech the right to purchase consumer electronic products from Emerson in accordance with the terms of the Supply Agreement for a period of three or, in certain circumstances, five years. Products would be supplied to Semi-Tech for distribution worldwide by Semi-Tech and the Singer Company (a subsidiary of Semi- Tech) under the "Singer" brand name, and for continued distribution in the United States by Consumers Distributing Co., Ltd. (a subsidiary of Semi-Tech) under the "Emerson" brand name. In terminating the Securities Purchase Agreement, Semi-Tech received from Emerson $500,000 cash and $500,000 worth of Emerson common shares priced at market. Further, in connection with the Supply Agreement, Emerson issued to Semi-Tech four year warrants to purchase 1,000,000 Emerson common shares at $4.00 per common share and five year warrants to purchase 500,000 Emerson common shares at $4.00 per common share. The ability to exercise the five year warrants to purchase the 500,000 Emerson common shares is conditioned on the purchase of at least $40 million worth of Emerson's products over the next five years. Semi-Tech has also agreed to a three-year standstill.
 Gerald Zarin, Emerson's chairman, president and chief executive officer, stated, "The decision by Emerson and Semi-Tech to terminate the Purchase and Operating Agreements is an amicable one, potentially assuring both companies of a continued business relationship designed to achieve synergies that can produce substantial growth for both Emerson and Semi-Tech's Singer Company. In Singer, Emerson is able to move forward with a strong customer that has an extensive global distribution network. Singer, in turn, will have a direct relationship with one of the leading consumer electronics companies to supply merchandise for its worldwide retail outlets. In addition, this decision returns to Emerson the unrestricted worldwide rights to distribute consumer electronic products under the Emerson name, enhancing Emerson's long term potential both in the U.S. and abroad.
 Zarin said, "I also am pleased to announce that, concurrent with the termination of the securities purchase agreement, Emerson and its lenders have now commenced discussing a stand-alone debt restructuring plan that does not contemplate a third party equity infusion as well as continuing debt restructuring discussions that do contemplate such an infusion."
 In addition, Emerson reported that it has received judicial confirmation that redemption of its 1989 common share purchase rights may be consummated. Accordingly, as previously announced, the redemption of these rights will take place on April 3, 1992.
 Emerson Radio also stated that it has received a revised proposal from Fidenas Investment Limited, a reported 20.46 percent shareholder of Emerson. Under this revised proposal, which replaces Fidenas' proposal of Nov. 18, 1991, Fidenas would invest $32,500,000 to acquire 10,000,000 Emerson common shares, five year warrants for 3,000,000 Emerson common shares at an exercise price of $4.00 per common share, and additional five year warrants for 1,000,000; 2,000,000; or 3,000,000 Emerson common shares at an exercise price of $4.00 per common share, if the average per share closing price for Emerson common stock for 30 consecutive trading days during the one year period following the 20th calendar month after closing equals or exceeds $5.00, $6.00, or $7.00 per share, respectively. Upon consummation of its proposed transaction, Fidenas would be entitled to designate a majority of Emerson's Board. The revised Fidenas proposal states that it will expire on April 2, 1992.
 Emerson reported that its Board would begin consideration of the revised Fidenas proposal, but that any proposal, such as Fidenas', would, among other things, be subject to a debt restructuring satisfactory to Emerson and its lenders. Emerson has advised Fidenas that, accordingly, Emerson will not be in a position to respond to Fidenas' revised proposal by April 2, 1992.
 Emerson Radio Corp. designs and markets a full line of popularly priced consumer electronics products. The range of the company's products includes televisions, video cassette recorders, portable compact disc players, radios, stereo systems, tape players and recorders, and microwave ovens.
 -0- 4/1/92
 /CONTACT: Robert D. Siegfried of Kekst and Company, 212-593-2655, for Emerson Radio/
 (EME) CO: Emerson Radio Corp.; Semi-Tech (Global) Limited ST: New Jersey IN: CPR SU:


KD -- NY104 -- 4102 04/01/92 17:39 EST
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Date:Apr 1, 1992
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