Refresh the old geyser!
The deal has been inked...Weitzer and Century are quietly completing their agreement.(WTZRA)
Normally this would be seen in the Business News and the news w/ SI, R-bull, Freerealtime, Yahoo and others...
Here is a copy of the finalized agreement. Now it's up to Sergio Pino, the president of Century.
Being in Florida should probably give you a leg up on his business areas of influence. This company is the stock market entry point, in my opinion.
The article is located at this address.
quote.bloomberg.com
WEITZER AND CENTURY ANNOUNCE
Agreement
Business Editors
MIAMI LAKES, Fla.--(BUSINESS WIRE)--June 24, 1999--Weitzer
Homebuilders Incorporated (Nasdaq:WTZRA), its affiliate and
Century Partners Group, Ltd. announced today that they have
entered into a definitive Stock Purchase Agreement dated as of June
22, 1999.
Pursuant to the terms of the Agreement, the Company issued an
aggregate 22,123,893 shares of its Class A Common Stock to
Century in exchange for a promissory note in the aggregate principal
amount of $24,778.761.07 and for the cash par value of the shares.
In addition, an aggregate 8,855, 000 shares of Class A and Class B
Common Stock of the Company will be sold to Century by an affiliate
of the Company as of the Closing contemplated under the stock
purchase agreement for an aggregate $10,000,000.
The shares issued by the Company are to be held in escrow pending
the Closing of the transaction. The Closing is tentatively scheduled
for August, 1999, subject to certain conditions precedent, including
approval of the transaction by the Company's primary lenders.
Harry Weitzer, president of the Company, said, "The execution of the
definitive Agreement represents the next step in consummating the
transaction with Century and enabling the Company to grow under
the leadership of Sergio Pino, the president of Century." "We're
confident the completion of the alliance with the Weitzer organization
and its two-decade reputation of home building excellence in South
Florida, combined with Century's financial strength and resources will
give the new entity the ability to grow and prosper as a major regional
development company," said Pino.
Weitzer Homebuilders incorporated is engaged in the design,
construction and sale of single family homes and townhomes for the
entry-level and first time move-up homebuyers in South Florida.
Except for the historical information contained herein, the matters
discussed in this press release are forward-looking statements
which involve risks and uncertainties, including, but not limited to,
economic, competitive, governmental and technological factors
affecting the company's operations, markets, products, services and
prices and factors discussed in the company's filings with the
Securities and Exchange Commission.
|
