THE FUTURE NOW, INC. ANNOUNCES ACQUISITION
THE FUTURE NOW, INC. ANNOUNCES ACQUISITION CINCINNATI, July 6 /PRNewswire/ -- The Future Now, Inc.
(NASDAQ: FNOW), the Cincinnati-based computer reseller, today announced it has completed the acquisition of nine computer reselling operations owned by Intelligent Electronics, Inc. (NASDAQ/NMS: INEL). The operations acquired are located in or near Boston, Dallas, Los Angeles, Nashville, Tenn., New York, Pittsburgh, San Francisco, St. Louis and the District of Columbia. With the acquisition The Future Now is one of the nation's 10 largest computer resellers.
President and chief executive officer Terry L. Theye commented, "We are extremely pleased to have completed this transaction, which gives The Future Now a national presence and builds upon our competitive position. The synergies created by this acquisition are expected to be significant in terms of both revenue enhancement and cost savings." In exchange for the businesses acquired, The Future Now issued 1,638,377 shares of its common stock to Intelligent, which now holds 31.1 percent of The Future Now's issued and outstanding shares. Intelligent will also name a director to The Future Now's board of directors. The Future Now management remains in place, with the substantial majority of Intelligent's Company Center Division staff becoming employees of The Future Now. The company has also hired approximately 30 employees at its corporate headquarters in Cincinnati to handle the additional responsibilities associated with the anticipated volume increase. The Future Now sells, installs and services microcomputers, microcomputer software products and turn-key microcomputer systems for business, professional, educational and governmental customers. With more than 900 employees, the company has 23 sales offices in 15 states. -0- 7/6/92 /CONTACT: David L. Durham, vice president of finance for The Future Now, Inc., 513-771-7110/ (FNOW) CO: The Future Now, Inc. ST: Ohio IN: CPR SU: TNM
KK -- CL006 -- 6556 07/06/92 10:41 EDT
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|Date:||Jul 6, 1992|
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