TCS ENTERPRISES SIGNS AGREEMENT
TCS ENTERPRISES SIGNS AGREEMENT SAN DIEGO, July 31 /PRNewswire/ -- TCS Enterprises Inc.
(AMEX: TCS) announced today that it has signed a stock purchase agreement with Mario A. Rosas, to purchase 2 million shares of common stock at $1.00 per share and a stock warrant provision agreement to purchase an additional 1 million shares at prices ranging from $3.00, $4.50, and $5.00 per share. This signing preempts the May 22 announcement related to the same corporate goal of raising new capital and to seek strategic business opportunities with Mexico.
Tom C. Stickel, chairman and chief executive officer stated, "We are very excited about this opportunity and what it will mean for our shareholders, employees and clients. I have worked many months on the dual agenda of finding new capital and expanding our business opportunities with Mexico. Mario Rosas is a highly respected international banker and Mexican trade specialist who will provide TCS with both of these objectives. I view this transaction in a positive light corporately, professionally and personally." Stickel continued, "TCS Enterprises Inc. has not been immune from the tough economic times all Californians currently are facing. Therefore, this transaction represents a positive effort on our part to seek new opportunities and strengthen our balance sheet so that we will be well prepared for the next economic growth cycle." The final transaction will be subject to regulatory and shareholder approvals anticipated within 30 days. -0- 7/31/92 /CONTACT: Tom C. Stickel of TCS Enterprises, 619-452-8000/ (TCS) CO: TCS Enterprises Inc. ST: California IN: SU:
AL -- SD005 -- 5609 07/31/92 12:39 EDT
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|Date:||Jul 31, 1992|
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