IV VENTURES, LTD. ACQUIRES INTILE DESIGNS, INC.
HOUSTON, Nov. 16 /PRNewswire/ -- IV Ventures, Ltd. (OTC), a publicly held company, announced today that it has completed the acquisition of Intile Designs, Inc., a Houston-based corporation. In connection with the acquisition, IV Ventures issued 1,780,000 shares of restricted common stock to the shareholders of Intile Designs which represent approximately 86 percent of the issued and outstanding common stock of IV Ventures. Furthermore, effective immediately, IV Ventures board of directors has resigned in favor of a new board designated by Intile Designs and consisting of C. William Cox, president and chief executive officer of Intile Designs; Don Geiger, vice president and chief operating officer of Intile Designs; Hjalma Johnson, chairman of the board and chief executive officer of various banks and managing director of Synagen Capital Partners, Inc.; and W. B. Rae, previously chief executive officer of Screen Graphic's Inc.; Ehud D. Laska, managing director of Tallwood Associates, Inc. Intile Designs is a specialty retailing company in the home decorating industry. It is one of the largest importers of ceramic tile in the United States. Intile Graphic's, a wholly owned subsidiary, is one of the largest silk screen on-tile printing companies in the United States. Intile Designs has 11 locations in the states of Arizona, California, Georgia and Texas for distributing its home decorating products. On March 31, 1993, Intile Designs had total assets in excess of $7,500,000, and for the 12 months then ended had total sales in excess of $11 million. For nine months ending Sept. 30, 1993, the unaudited sales of Intile Designs were approximately $6,812,450, as compared to approximately $6,486,222 for the same period in 1992. It is anticipated that the corporation will change its name to Intile Designs, Inc. in the near future. For more information, contact Bill Cox, Intile Designs, Inc., at 713- 468-8400, 9716 Old Katy Rd., Suite 110, Houston, Texas 77055. -0- 11/16/93 /CONTACT: C. William Cox of Intile Designs, 713-468-8400/
CO: IV Ventures, Ltd.; Intile Designs, Inc. ST: Florida, Texas IN: CST SU: TNM
AW-CM -- FL011 -- 5140 11/16/93 13:37 EST
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|Date:||Nov 16, 1993|
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