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
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|Date:||Aug 18, 1992|
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