THE FUTURE NOW, INC. COMPLETES TARGETED ACQUISITION
THE FUTURE NOW, INC. COMPLETES TARGETED ACQUISITION CINCINNATI, Dec. 3 /PRNewswire/ -- The Future Now, Inc.
(NASDAQ: FNOW), the Cincinnati-based computer reseller, today announced it had completed the acquisition of all of the common stock of Micro Computer Center, Inc., a reseller with operations in Little Rock, Ark. and Memphis, Tenn., for approximately $2,700,000. Of this amount, $1,250,000 was paid through the issuance of a note payable in January 1992; $750,000 was paid through the issuance of 69,767 shares of The Future Now common stock; and approximately $700,000 of long-term debt was assumed by The Future Now. The Future Now also entered into a consulting and non-competition agreement with the selling shareholder requiring payments totalling $800,000 through January 1994.
The acquisition was the company's fifth since its initial public offering in June 1991. Other acquisitions since the offering include computer reselling operations in Louisville and Lexington, Ky.; Moline, Ill./Davenport, Iowa, and Cleveland. President and chief executive officer Terry L. Theye commented, "As with our other recent acquisitions, we are extremely pleased to be combining with an operation of such high quality. The synergies provided by this combination should be significant to the company in terms of both revenue enhancement and cost savings. "We continue to believe that the industry leaders during the 1990s will be those resellers who most effectively capitalize on the opportunities provided by the consolidation that is currently taking place in the industry. The Future Now is well positioned, from both financial and management standpoints, to capitalize on these opportunities, and intends to do so." The Future Now sells, installs and services microcomputers, microcomputer software products and turn-key microcomputer systems for business, professional, educational and governmental customers. With nearly 500 employees, the company has sales offices in Cincinnati, Columbus, Cleveland and Dayton, Ohio; Indianapolis and Fort Wayne, Ind., Louisville and Lexington, Ky.; Moline, Ill. and Davenport, Iowa, in addition to the sales offices acquired with this business combination. -0- 12/3/91 /CONTACT: Christopher T. Feger of The Future Now, 513-771-7110/ (FNOW) CO: The Future NOw, Inc. ST: Ohio IN: CPR SU: TNM
KK -- CL003 -- 8712 12/03/91 11:16 EST
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|Date:||Dec 3, 1991|
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