SUBSIDIARY OF U.S. ALCOHOL TESTING OF AMERICA INC. ACQUIRES INTEREST IN GOOD IDEAS ENTERPRISES INC.
SUBSIDIARY OF U.S. ALCOHOL TESTING OF AMERICA INC.
ACQUIRES INTEREST IN GOOD IDEAS ENTERPRISES INC.
RANCHO CUCAMONGA, Calif., June 29 /PRNewswire/ -- U.S. Alcohol Testing of America Inc. (AMEX: AAA), Chief Financial Officer, Gary S. Wolff announced today that its 64 percent owned subsidiary, U.S. Alcohol & Drug Testing International N.V., a Netherlands corporation ("NV") acquired on June 29, 1992, 55 percent of the outstanding capital stock of Good Ideas Enterprises Inc., a privately held Texas corporation ("Good Ideas") which is engaged in the design, manufacture, and sale of toys, in exchange for 1.5 percent of the NV capital stock. The 55 percent interest in Good Ideas has been transferred to a wholly owned subsidiary of NV recently formed in the Netherlands. The acquisition will be accounted for as a purchase.
Good Ideas had gross sales of $2,349,605 and gross profit on sales of $485,167 for the year ended Dec. 31, 1991 as reflected in its unaudited financial statements.
/CONTACT: Gary S. Wolff, CFO of U.S. Alcohol Testing of America, 714-466-8378/
(AAA) CO: U.S. Alcohol Testing of America Inc. ST: California IN: SU: TNM EH -- LA036 -- 4975 06/29/92 20:45 EDT