GRAFF PAY-PER-VIEW AND JERICAP ANNOUNCES THE COMPLETION OF THE MERGER OF GRAFF INTO JERICAP
GRAFF PAY-PER-VIEW AND JERICAP ANNOUNCES THE
COMPLETION OF THE MERGER OF GRAFF INTO JERICAP
NEW YORK, Feb. 25 /PRNewswire/ -- Jericap, Inc. an over-the-counter traded company, and Graff Pay-Per-View Inc. today announced the completion of the merger of Graff into a wholly-owned subsidiary of Jericap. Graff shareholders approved the merger on Feb. 21, 1992. As a consequence of the merger each outstanding share of Graff common stock automatically converted into approximately 3.5 shares of Jericap common stock. Additionally, the board of Jericap resigned and was replaced by the board of Graff. The businesses of Graff will be the sole businesses of the continuing company and the new board of Jericap, Inc. intends to change the company name to Graff Pay-Per-View Inc.
Graff owns and operates two satellite-delivered, 24 hour-a-day television networks featuring films and entertainment programs. Programming on the networks is sold on a pay-per-view basis and is available in cable television systems and hotels across the United States including Alaska and Hawaii, as well as to consumers with home satellite dish antennas. Founded in 1987, Graff has concentrated exclusively on the development of its pay-per-view business and has grown to become one of the leaders in the emerging pay-per-view industry.
/CONTACT: Leland H. Nolan, executive vice president of Graff Pay- Per-View, 212-941-1434, or Cynthia A. Bond (investors) of Silver Heller Associates, 212-682-9222, for Graff Pay-Per-View/ CO: Jericap Inc.; Graff Pay-Per-View Inc. ST: New York IN: ENT SU: TNM SH-SM -- NY027 -- 2265 02/25/92 10:36 EST