Printer Friendly

EVERGREEN INFORMATION TECHNOLOGIES, INC., ANNOUNCES PROPOSED ACQUISITION

 MCLEAN, Va., Nov. 20 ~PRNewswire~ -- Evergreen Information Technologies, Inc. (NASDAQ: EVRG), today announced that it has entered into a letter of intent to acquire CBD Search Services, Inc. (CBD), a small, private company (annual sales of approximately $560,000) that provides U.S. government bidding procurement information to over 160 organizations that make products for, or sell goods and~or services to, the U.S. government.
 It is proposed that the shareholders of CBD will receive Evergreen common stock having an approximate value of $744,000, which value will be determined at the option of the CBD shareholders on either the date of acquisition or just prior to the date Evergreen registers the Evergreen shares for public resale. It is also proposed that the two majority shareholders of CBD will enter into a two-year employment agreement with Evergreen.
 The consummation of the transaction is subject to the execution and closing of a definitive agreement, which both parties would like to have accomplished on or prior to Nov. 30, 1992.
 Evergreen is engaged in the development and implementation of a computerized subscription service, PowerTree, that ultimately will contain a significant portion of the information a commercial organization needs in order to make products for, or sell goods and~or services to, the U.S. government. In addition, it contains information that an agency of the U.S. government needs in order to buy from a commercial organization.
 -0- 11~20~92
 ~NOTE: PowerTree is a trademark.~
 ~CONTACT: Marg Donnelly of Evergreen Information Technologies, 703-556-6200, or fax, 703-556-6837~
 (EVRG)


CO: Evergreen Information Technologies, Inc.; CBD Search Services,
 Inc. ST: Virginia IN: CPR SU: TNM


MH -- DC006 -- 3361 11~20~92 12:20 EST
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:Nov 20, 1992
Words:281
Previous Article:POLIFLY SAVINGS AND LOAN UNDER GOVERNMENT OPERATION
Next Article:AUTO SAFETY SHOW STARRING 'VINCE & LARRY' DEMONSTRATES AIR BAGS AT SAN FRANCISCO INTERNATIONAL AUTO SHOW
Topics:


Related Articles
EVERGREEN SELECTS KEY VENDORS FOR POWERTREE LAUNCH
EVERGREEN'S COMMON STOCK AND WARRANTS LISTED ON PACIFIC STOCK EXCHANGE
EVERGREEN ENTERS INTO MAJOR LICENSE AGREEMENT TO MARKET SOME OF ITS SOFTWARE
EVERGREEN OBTAINS LOANS
SI TECHNOLOGIES ACQUIRES EVERGREEN WEIGH, INC.
SI Technologies Reports Record Sales Month
Evergreen Solar Announces Pricing of Common Stock Offering.
Evergreen Resources to Acquire Carbon Energy.
Evergreen Resources Closes $22 Million Sale of Kansas Properties With Heartland Oil and Gas Corp.
Evergreen Resources Receives $22-Million Offer for Kansas Assets From Heartland Oil and Gas Corp.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters