WEDDING INFORMATION NETWORK ANNOUNCES PURCHASE
WEDDING INFORMATION NETWORK ANNOUNCES PURCHASE OMAHA, Neb., Nov. 7 /PRNewswire/ -- Wedding Information Network,
Inc. (NASDAQ: WINN) announced today the company had purchased, on Nov. 4, 1991, America's Corporate Image, Inc., a Denver business involved in the specialty advertising industry.
Under the terms of the purchase agreement, Wedding Information Network, Inc. (the "company"), acquired America's Corporate Image, Inc., for an exchange of cash, company notes and common stock. Under the purchase agreement, the company privately issued 103,762 shares of company common stock, paid $100,000 cash, and issued promissory notes of $61,000 in exchange for 100 percent of the outstanding stock of America's Corporate Image, Inc. America's Corporate Image, Inc. will remain as a wholly owned subsidiary of the company. The 103,762 shares of company common stock, which are restricted securities, will be held in escrow for a period of six months. The purchase price may be adjusted based on certain covenants in the purchase agreement. After a five year holding period the sellers may be entitled to the issuance of additional shares of common stock by the company (up to a maximum of 518,810 shares), or its cash equivalent, if the company's common stock has not equalled or exceeded $3 per share (as adjusted in certain events) for a period of 90 consecutive calendar days at any time between two years and five years from Nov. 4, 1991. Kenneth L. Nanfito, chief executive officer of the company, stated, "The acquisition was made to provide new opportunities for the company's growth. America's Corporate Image, Inc., is a company with a reputation for quality and service." America's Corporate Image, Inc., which has been in the specialty advertising business since April of 1990, had revenues of $646,584 for the eight months ended Dec. 31, 1990, with earnings of $15,392 (unaudited). As of Sept. 30, 1991, it reported assets of $958,945 and liabilities of $702,465 (unaudited), and reported earnings of $60,790 (unaudited for the nine-month period ended Sept. 30, 1991. Rodney Jackson, the former president for the company will now become executive vice president-sales and marketing. Kenneth L. Nanfito, chief executive officer of Wedding Information Network, Inc., will take the title of president. -0- 11/07/91 /CONTACT: Kenneth L. Nanfito of Wedding Information Network, Inc., 1-800-843-4983/ CO: Wedding Information Network, Inc. ST: Minnesota IN: SU: TNM JS-KH -- MN014 -- 2431 11/07/91 17:28 EST
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|Date:||Nov 7, 1991|
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