Printer Friendly

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
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 5, 1992
Words:256
Previous Article:CONTRAST MEDIA RESEARCH ALLIANCE FORMED BY STERLING WINTHROP AND STANFORD UNIVERSITY
Next Article:LG&E ENERGY, LOUISVILLE GAS AND ELECTRIC ELECT DAVID B. LEWIS A DIRECTOR
Topics:


Related Articles
PLAYORENA INC. REPORTS '91 RESULTS
PLAYORENA COMMON STOCK CONTINUES TO BE QUOTED ON NASDAQ
PLAYORENA WILL CONTINUE TO BE LISTED ON NASDAQ
PLAYORENA SIGNS LETTER OF INTENT RELATING TO ACQUISITION OF NEW ENGLAND POTTERY CO., INC.
PLAYORENA ANNOUNCES THE EXTENSION OF EXPIRATION OF WARRANTS
PLAYORENA TERMINATES LETTER OF INTENT WITH LIFECARE INVESTMENT
PLAYORENA EXTENDS EXPIRATION OF OUTSTANDING WARRANTS TO PURCHASE SHARES OF COMMON STOCK TO JAN. 16, 1995
PLAYORENA INC. PLANS MERGER
PLAYORENA INC. EXTENDS WARRANTS
Childtime Learning Centers, Inc. Signs Letter of Intent To Acquire Tutor Time Learning Systems, Inc.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters