Well the best way to start is with the news release ....
Tuesday February 10, 1:36 pm Eastern Time
Company Press Release
CNH Holdings Co. enters into letter of intent to acquire Noble House SA
DALLAS--(BUSINESS WIRE)--Feb. 10, 1998--CNH Holdings Co. (NASDAQ/BB: CNHH - news) announced today that it has entered into a letter of intent to acquire Noble House SA (a Greek shipping corporation) and will refocus the business of CNH Holdings in an entirely new direction.
The acquisition brings both substantial assets and revenues to the company. Additionally, the company will (in the near future) change its name to reflect the new direction of the business.
CNH Holdings Co. has manufactured and sold computers and computer-related equipment in the past and has been dormant for the past eight years. As a result of the acquisition of Noble House, the new company will direct all of its resources towards international trading and shipping, which has been the core business of the newly acquired company. The international trading business has tremendous growth potential and the combination of international trading with the ability to ship the products sold will insure continued profits in the future. The combined assets of CNH Holdings exceed $4 million and the projected revenues for 1998 are in the $25 million range. Revenues for 1996 were $20.5 million and 1997 revenues are not available at this time. Increased revenues and profit margins are expected to greatly benefit existing shareholders and will provide significant returns for new shareholders.
The major operations of CNH Holdings Co. will have offices in Houston, Denver, Piraeus, Greece, and Moscow, with the primary revenues coming from products bought and shipped from the Eastern Bloc European countries and sold to Mediterranean and European countries. The major assets of CNH Holdings will include vessels, port facilities and factories.
The acquisition will be accomplished through an exchange of CNH Holdings common and preferred shares for 100% of the outstanding shares of Noble House SA. Due to the acquisition, a change in control of CNH Holdings will take place and new members will be added to the board of directors. The transaction is scheduled to close on or after Feb. 20, 1998.
CNH Holdings is a fully reporting company and Noble House will provide audited financials at the time of closing.
It is expected that additional news will be made available as soon as further developments are finalized.
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Contact:
CNH Holdings Co.
Investor Relations, 303/846-3070
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