ROADMASTER UPDATES MERGER ANNOUNCEMENT
ROADMASTER UPDATES MERGER ANNOUNCEMENT ENGLEWOOD, Colo., Nov. 6 /PRNewswire/ -- Roadmaster Industries
Inc. (NASDAQ: WHEL) reported that in connection with the previously announced Aug. 7, 1991 Agreement in Principle to combine the company's operations with those of Diversified Products Corp., both parties are continuing their due diligence activities in accordance with the Letter of Intent. Furthermore, Roadmaster announced that it had retained the firm of Hanifen, Imhoff Inc., investment bankers and a New York Stock Exchange member firm to advise the company's board of directors as to the fairness of the proposed transaction.
The company also announced that Edward E. Shake, has been elected a director of Roadmaster Corp., its wholly-owned subsidiary. Shake, who has been serving as president of Roadmaster Corp. since Feb. 1, 1991 will begin serving on the board of directors effective Jan. 1, 1992. Shake has been associated with Roadmaster since 1974. He has a Bachelors and Masters Degree in Engineering from the University of Tennessee and an AMP Degree from Harvard. The company further reported that Roadmaster Corp. continues to report strong results. The open orders for shipment continue at record levels and currently exceed $31 million. The total open order status a year ago was approximately $21.7 million. Furthermore, total revenues for October 1991 are expected to exceed $25 million. In comparison to a year ago, total revenues for October 1990 were $13.2 million. Roadmaster Industries operates through its two wholly-owned subsidiaries, Roadmaster Corp. and Hamilton Lamp Corp. Roadmaster Corp. is a leading designer and manufacturer of junior wheel goods, bicycles and health fitness equipment. Hamilton Lamp is a leading manufacturer of lamps and replacement shades. -0- 11/6/91 /CONTACT: Thomas B. Olson of Roadmaster Industries, 303-290-8150/ (WHEL) CO: Roadmaster Industries Inc.; Roadmaster Corp.; Diversified Products Corp. ST: Colorado IN: SU: TNM BB -- DV005 -- 1696 11/06/91 12:15 EST
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|Date:||Nov 6, 1991|
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