PLAYORENA INC. SIGNS LETTER OF INTENT TO ACQUIRE TUTOR TIME CHILD CARE SYSTEMS, INC.
PLAYORENA INC. SIGNS LETTER OF INTENT TO ACQUIRE TUTOR TIME CHILD CARE SYSTEMS, INC. ROSLYN HEIGHTS, N.Y., Nov. 5 /PRNewswire/ -- Playorena Inc. (NASDAQ: PLEX) today announced that it had entered into a letter of intent to acquire Tutor Time Child Care Systems, Inc., a subsidiary of LifeCare Investments, Inc. As presently contemplated, Playorena will acquire all of the outstanding capital stock of Tutor Time from LifeCare in exchange for 21,000,000 shares of Playorena's common stock to be issued upon the consummation of the proposed acquisition transaction. Up to an additional 5,000,000 shares of Playorena's common stock may be issued to LifeCare depending upon Playorena's consolidated future earnings. Playorena's authorized capitalization is currently 15,000,000 shares of common stock of which approximately 8,000,000 shares are currently outstanding. In addition, approximately 3,200,000 warrants, each exercisable for one share of common stock at $1.25 per share, are also outstanding. Consummation of the proposed acquisition transaction is subject, among other conditions, to negotiation and the execution of a definitive acquisition agreement and the approval of such transaction by the shareholders of Playorena. Playorena operates parent-child play and exercise centers. Tutor Time is engaged in the business of franchising, owning and managing child daycare centers in various states. LifeCare is a privately held Delaware corporation. -0- 11/5/92 /CONTACT: Fred Jaroslow of Playorena, 516-621-7529/ (PLEX) CO: Playorena Inc.; Tutor Time Child Care Systems, Inc. ST: New York IN: SU: TNM
GK-OS -- NY121 -- 7869 11/05/92 15:54 EST
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|Date:||Nov 5, 1992|
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