STOCKHOLDERS APPROVE KMC MERGER INTO WORTH SUBSIDIARY
STOCKHOLDERS APPROVE KMC MERGER INTO WORTH SUBSIDIARY SAN JOSE, Calif., July 29 /PRNewswire/ -- KMC Enterprises Inc.
(NASDAQ: KMCI) announced today that its stockholders have approved the merger of KMC into a subsidiary of Worth Corp. (NASDAQ: WRTH), KMC's majority stockholder. The merger is scheduled to be completed on July 31, 1992, following normal regulatory filings.
Minority stockholders of KMC Enterprises Inc. will receive one and one-tenth (1.1) shares of Worth Corp. common stock in exchange for each share of KMC Enterprises Inc. common stock held by them on the effective date of the merger. KMC Enterprises Inc. owns 62 percent of the outstanding common stock of Krause's Sofa Factory, a Brea, Calif.-based manufacturer and retailer of made-to-order upholstered furniture. -0- 7/29/92 /CONTACT: Robert G. Sharpe of KMC Enterprises, 408-436-7467/ (KMCI WRTH) CO: KMC Enterprises ST: California IN: SU: TNM
RM-MM -- SJ003 -- 4854 07/29/92 19:06 EDT
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|Date:||Jul 29, 1992|
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