MACINTOSH CORP. SEEKS SHAREHOLDER APPROVAL FOR CONSOLIDATION WITH SIXTY EIGHT THOUSAND INC.
MACINTOSH CORP. SEEKS SHAREHOLDER APPROVAL FOR CONSOLIDATION WITH SIXTY EIGHT THOUSAND INC. SCOTTS VALLEY, Calif., March 20 /PRNewswire/ -- Macintosh Corp. announced today that it will seek shareholder approval for the consolidation of Macintosh Corp., a publicly traded Utah holding company, and Sixty Eight Thousand Inc., its privately held California operating subsidiary, into a new Nevada corporation under the name Sixty Eight Thousand Inc. The company also plans to effect a reverse stock split in the same transaction in order to potentially qualify for NASDAQ listing of its stock in the future. According to Joe McDowell, chairman, Macintosh Corp., formed in 1984, trades Over the Counter and was an inactive public company until the acquisition of Sixty Eight Thousand Inc. in November 1989. Sixty Eight Thousand Inc., its only operating subsidiary,was formed as a California corporation in September 1987. Sixty Eight Thousand Inc. and its parent are located at 160 Technology Circle, Scotts Valley. Sixty Eight Thousand Inc. designs, assembles and sells computer workstations which are primarily sold to the publishing industry in the pre-press and color separation portions of the market. Excerpts from the audited consolidated financial statements for the fiscal years ended June 30, 1990 and 1991, and the unaudited statements for the eight months ended Feb. 29, 1992 are shown below. Year Year 8 months ended ended ended 6/30/90 6/30/91 2/29/92 Revenue $ 381,091 $ 4,557,759 $ 5,752,000 Income (loss) before taxes and extraordinary item $ (667,858) $ 47,937 $ 420,000 Net income (loss) $ (669,267) $ 45,937 $ 364,000 Shares outstanding 12,922,608 27,922,548 27,922,548 Shareholders' equity $ (13,562) $ 1,043,731 $ 1,358,000 -0- 3/20/92 /CONTACT: Joe McDowell or Stanton Creasey of Macintosh Corp., 408-438-1777/ CO: Macintosh Corp.; Sixty Eight Thousand, Inc. ST: California; Nevada IN: CPR SU:
DG -- SJ001 -- 0007 03/20/92 10:02 EST
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|Date:||Mar 20, 1992|
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