OTC BB: CRNC is a company engaged in the printing and publishing of hometown shoppers throughout the state of Georgia, internet (Web) development, commercial printing and paper recycling & converting.
The company announced on October 15, 1998 that it has successfully closed the acquisition of Bright Now, Inc. and Southern Paper and Converters, Inc., related companies in Tampa, Florida. Bright Now, Inc., d/b/a United Printing and Publishing, has operated a commercial web offset printing plant since 1992. Southern Paper converters, Inc. converts damaged and odd sized rolls of newsprint, which it purchases primarily from daily newspaper publishers, into useful products. THIS COMPANY HAS ONLY BEEN PUBLIC SINCE AUGUST 19, 1998. For further details regarding the announcement see the following:
biz.yahoo.com
John Whitman, the company's founder, chairman and CEO, has over 15 years experience in the publishing industry. Prior to founding the company, Mr. Whitman was president of Gray Communications Systems Inc., Georgia shopper subsidiary after its acquisition of Phillips Publishing, Inc., in Tallahassee for $1.45 million, a company which Mr. Whitman built from negative cash flow to positive cash flow in 28 months. Mr. Whitman was also President of a Gray subsidiary, The Rockdale Citizen Publishing Company, which published two daily newspapers. Mr. whitman, turned a million dollar loss per year at The Citizen to positive cash in just 63 days.
Chronicle is aggressively and successfully acquiring companies. The recent acquisitions have assets in excess of 5 million dollars and will put Chronicle very close to NASDAQ Small Cap Qualifying standards. They have a small float of 900k and 2.7 million outstanding shares in which 90% is held on the inside.
Look for announcements on funding which will be structured in a way that won't add to share dilution.
Look for multiple PRs on additional acquisitions over the next couple of weeks.
Year end results will begin on November 9, 1998 and Mr. Whitman anticipates year ended September 30, 1998 revenues to show a gain of 310% over year ended September 30, 1997 or $2,043,000.
For further information on this company please refer to there web page at chronicleinc.com |
