UNITED FASHIONS ANNOUNCES NEGOTIATIONS CONCERNING PROPOSED ACQUISITION HAVE BEEN TERMINATED
UNITED FASHIONS ANNOUNCES NEGOTIATIONS
CONCERNING PROPOSED ACQUISITION HAVE BEEN TERMINATED
NEW YORK, Nov. 1 /PRNewswire/ -- United Fashions Inc. (NASDAQ: UFAS) announced today that negotiations concerning the proposed acquisition of a majority interest in Unilabs Holdings S.A., a European clinical laboratory company based in Geneva, have terminated. The transaction contemplated by UFAS involved the issuance and exchange of approximately 5.6 million shares of UFAS common stock, a 48 percent interest in Americanino Capital Corporation ("ACC"), which is currently 90 percent owned by UFAS, and an option to acquire an additional 4.2 million UFAS shares.
Representatives of UFAS and the majority shareholders of Unilabs Holdings S.A. were unable to reach a definitive agreement in regard to the proposed acquisition.
The company also said that it will continue to seek new acquisitions in the future.
/CONTACT: Jean-Pierre Conrad, 011-41-22-732-7606, or Eugene Cronin, 212-219-9496, for United Fashions/
(UFAS) CO: United Fashions Inc. ST: New York IN: SU: TNM SH-JT -- NY039 -- 0196 11/01/91 11:55 EST