REIC currently .75, buyout offer for 1.80
Friday September 17, 1:54 pm Eastern Time
Company Press Release
REII Inc. Announces Consideration of $8 Million Offer
NAPLES, Fla.--(BUSINESS WIRE)--Sept. 17, 1999--The board of directors of REII Incorporated (OTC BB:REIC - news) is presently considering an offer of $8 million for the company which equals about $1.80 per share for all the outstanding shares of the company.
REII Incorporated (Formerly BAP Acquisition Corp.) has 20,000,000 shares authorized with 4,655,000 shares outstanding. REII Incorporated is the parent company of Ricketts Enterprises International Inc.
The offer includes all outstanding shares of the company as well as all outstanding debts and agreements, which includes options on 18 income properties, as well as the first refusal of a software company.
The board of directors do not require the approval of the shareholders to accept this offer, however the board of directors have passed a resolution that all shareholders will be notified before a final acceptance.
This offer expires Sept. 25, 1999.
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Contact:
American Venture, Naples
John Dennee, Investor Relations, 716/670-9642 |
