Printer Friendly

PLAYORENA SIGNS LETTER OF INTENT RELATING TO ACQUISITION OF NEW ENGLAND POTTERY CO., INC.

 PLAYORENA SIGNS LETTER OF INTENT RELATING TO ACQUISITION
 OF NEW ENGLAND POTTERY CO., INC.
 ROSLYN HEIGHTS, N.Y., Aug. 18 /PRNewswire/ -- Playorena Inc. (NASDAQ: PLEX) announced today that it has signed a letter of intent relating to the proposed acquisition of New England Pottery Co., Inc. a national wholesaler of horticultural and ornamental pottery and other containers to home centers, garden centers and nurseries, warehouse clubs, supermarkets, mass merchants and others.
 As currently contemplated, Playorena will acquire 100 percent of New England Pottery in exchange for 4 million shares of common stock, a $1,800,000 convertible note and $200,000 in cash. At the option of the New England Pottery shareholders, additional shares of common stock may be issued in lieu of some or all of the notes and cash. The proposed transaction is subject to numerous conditions, including the execution and delivery of definitive agreements and the obtaining of required consents and approvals, and there can be no assurance that the acquisition, as proposed or otherwise, will be consummated.
 Fred Jaroslow, chairman of the board of Playorena, stated, "We are very pleased to announce this letter of intent with one of the largest pottery companies in the country. Following the acquisition, the management of New England Pottery intends to continue their aggressive growth plans through acquisitions and internal growth. We believe that the two shareholders, Lawrence Gitlitz (chairman and chief executive officer) and Alan Antokal (president and chief operating officer) who founded the company in 1975, are very strong operating people with a proven track record and anticipate that they will continue to manage the operations of the pottery business following the completion of the transaction."
 -0- 8/18/92
 /CONTACT: Fred Jaroslow of Playorena, 516-484-1230/
 (PLEX) CO: Playorena Inc.; New England Pottery Co., Inc. ST: New York IN: SU:


PS-OS -- NY042 -- 0953 08/18/92 12:19 EDT
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:Aug 18, 1992
Words:311
Previous Article:UTICA (N.Y.) GENERAL OBLIGATION RATING REDUCED TO 'BB' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:FPL ANNOUNCES SALE OF FIRST MORTGAGE BONDS
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
FIDELITY NATIONAL FINANCIAL INC. SIGNS LETTER OF INTENT FOR THE PURCHASE OF SECURITY TITLE AND GUARANTY CO.
PLAYORENA INC. SIGNS LETTER OF INTENT TO ACQUIRE TUTOR TIME CHILD CARE SYSTEMS, 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

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