THE QUESTEX GROUP LTD. ANNOUNCES LETTER OF INTENT TO PURCHASE ALL OUTSTANDING SHARES OF TACTILE SIGNAGE INC.
SCOTTSDALE, Ariz., April 19 /PRNewswire/ -- The Questex Group Ltd. (NASDAQ: QTXG) announces a letter of intent has been signed to purchase all of the outstanding shares of Tactile Signage Inc. located in Scottsdale. This letter of intent calls for Questex, in exchange for these shares will pay the Tactile shareholders $500,000. Terms of payment as follows: A) Questex to issue out of treasury 1 million shares at a current market value of $250,000. B) Balance of payment ($250,000) to be secured by a three year note with an interest rate of 10 percent per year. Tactile Signage Inc. is a company that manufacturers and markets custom raised letter, braille signage that compiles with the A.D.A. (Americans with Disabilities Act). This act passed into law by Congress requires every place of "Public Accommodation" to have raised letters, braille signs placed in a specific location leading to all permanent rooms. The company (Tactile) currently employees 29 full-time people and has the capacity to produce in excess of 2 million signs a year. Projected 1993-1994 annual sales are $10,000,000, thus converting to a 50 cent per share earning before taxes. -0- 4/19/93 /CONTACT: Maurice Morlan of Questex, 602-991-3738/ (QTXG)
CO: Questex Group Ltd. ST: Arizona IN: SU: TNM
JB -- LA014 -- 7395 04/19/93 12:20 EDT
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|Date:||Apr 19, 1993|
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