PET PRODUCTS INC. ANNOUNCES AGREEMENT-IN-PRINCIPLE TO PURCHASE J. NARBY, INC.
YONKERS, N.Y., Jan. 14 /PRNewswire/ -- Pet Products Inc. (NASDAQ: PETS) announced today an agreement-in-principle to purchase the business of privately-owned J. Narby, Inc. (J. Narby) of Lindenhurst, New York, for a total purchase price of approximately $1,500,000, consisting of cash, notes and common stock of Pet Products Inc. In addition, Pet Products will assume certain liabilities of J. Narby. Richard Narby, President of J. Narby, will join Pet Products in an executive capacity. Subject to the approval of the Board of Directors of Pet Products, and the execution of a definitive asset purchase agreement, the transaction is scheduled to close on or before the end of February, 1994. J. Narby, established in 1915, imports and markets a variety of rawhide dog treats, and manufactures, imports and sells various other pet products including leashes, collars, toys, grooming articles and other accessories. J. Narby is expected to report sales for calendar year 1993 in excess of 1992 sales which were approximately $5.5 million. J. Narby's products are marketed under its own brand names, "Choo-Choo", "Pedi-Brand" and "Pluto Pet", and under private labels, and are sold to supermarkets, drug store and hardware chains, mass merchandisers, pet product wholesalers and retailers. J. Narby also acts as a marketing agent for other manufacturers' product lines. Pet Products Inc. manufactures and markets a variety of beef- rawhide dog treats under its own brand names CURLS(R), PET-PRO BONES, DOG'S BEST(TM), BAKER'S RAWHIDE(TM), PRIME BEEF and BEEF RAWHIDE as well as under private label and in bulk. The Company's products are designed, developed and manufactured by it at its facilities in Brazil and packaged at its facilities in Yonkers and Cortlandt, New York. For the six months ended Oct. 31, 1993, Pet Products reported sales of $4,326,441 and net income of $199,798. For the full fiscal year ended April 30, 1993, Pet Products reported sales of $8,198,349 and net income of $238,119. -0- 1/14/94 /CONTACT: Como & Associates, 212-227-3010/
CO: Pet Products Inc. ST: New York IN: HOU SU:
WB-SP -- NY001E -- 2171 01/14/94 16:41 EST
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|Date:||Jan 14, 1994|
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