IDC HOLDINGS, LTD. ENTERS DEFINITIVE AGREEMENT TO ACQUIRE TELEVISION SPORTS NETWORK, INC.
MINNEAPOLIS, Aug. 5 /PRNewswire/ -- IDC Holdings, Ltd., (IDC) announced today that it has entered into a definitive agreement to acquire 100 percent of the capital stock of Television Sports Network, Inc. (TV Sports). TV Sports, based in Fort Worth, is a Texas corporation established to acquire, develop, and produce television programming and advertising time. TV Sports' $3,512,529 in assets substantially consist of television broadcast time through stations across the nation. Under the terms of the Agreement and Plan of Reorganization between IDC and TV Sports, the principals of TV Sports will be retained under consulting agreements. The principals have extensive experience in the development of specialized television programming and syndication. According to IDC's CEO and Chairman, John I. Priscella. "IDC intends to use TV Sports as the marketing and promotional vehicle to market its pork and egg products, its developing gaming activities, and other subsidiary activities," he added, "Each of IDC's subsidiaries can benefit immensely from the impact that TV provides." He also stated, "The acquisition of TV Sports is consistent with IDC's plan to build shareholder value through the acquisition of asset-based companies. Furthermore, the acquisition can facilitate our goal of trading on the NASDAQ system in the future." IDC Holdings, Ltd. is a Minneapolis-based holding company with subsidiaries engaged in the gaming, biotechnology, food, and advertising industries. THe company's common stock is listed in the Pink Sheets. -0- 08/05/93 CONTACT: John I. Priscella, CEO and chairman, or Tom de Petra, VP, communications, 612-541-1100, both of IDC Holdings, Ltd. CO: IDC HOLDINGS, LTD. SU: TNM ST: MN
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|Date:||Aug 5, 1993|
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