Cheryl, this is what i found: Tuesday May 27 9:14 AM EDT
Corporate Vision announces acquisition of T.L. Phipps
TULSA, Okla.--(BUSINESS WIRE)--May 27, 1997--
Combined Revenues Projected to Reach $3 Million Annually
Corporate Vision Inc. (OTC:BB - news) a multi-media production company
which develops custom CD-ROM applications using high-impact, animated,
interactive presentations used by Fortune 500 corporations in their
training and marketing programs, announced today that it has acquired
T.L. Phipps & Co., a Tulsa-based video production facility.
CVI acquired 100% of the common stock of Phipps in exchange for cash and
restricted common stock of CVI. The transaction will be accounted for as
a purchase.
The acquisition of Phipps will expand the company's services to include
CD-ROM design and production, video production and post production,
print capabilities, and internet services.
According to Sheryl Mabie, president of Corporate Vision, ''T.L. Phipps
brings average annual revenues of approximately $2 million to our
company. Our combined management team is committed to sustained
expansion through the strength of our increased capabilities.
Furthermore, the combined asset base and equity positions of the
companies will move us closer to our goal of listing Corporate Vision on
NASDAQ within the immediate future.''
T.L Phipps and Co. was founded in 1975, and has become one of the
premiere video teleproduction facilities in the region, serving a
variety of clients including television production companies, Fortune
500 companies, and advertising agencies. Terry Phipps, president of T.L.
Phipps & Co., stated, ''This transaction allows the combined companies
to offer a full range of digital technologies to our clients, and we are
well positioned to meet the demands of this increasingly high-tech
clientele. Our business is estimated to be a $48 billion market, which
grows every day as more and more companies contract for these types of
services.''
Select Capital Advisors, Corporate Vision's investment banking firm,
arranged financing for this acquisition. According to Select's chairman,
Ronald G. Williams, ''Corporate Vision is an excellent example of a
company, which, when sufficiently capitalized, can develop from a
company with an enormous growth potential into the reality of capturing
a significant share in its market. Select is proud to be associated with
financing the growth of this company, and we will continue to support
its expansion plans.''
Select is an international financial services holding company with
offices and affiliates worldwide which provides small to medium sized
emerging growth companies with a wide range of investment banking
services including international equity offerings, structured finance,
mergers and acquisitions, venture capital financing, and bridge loans.
Corporate Vision, Inc. is a multimedia production company that develops
custom CD-ROM applications for companies to use in their training and
marketing activities.
CONTACT: CVI
Investor Relations, (800) 720-2842 |
