American CinemaStores, NASDAQ, to change name to
Apparel Technologies, Inc. as of Sept. 15; new
NASDAQ symbol to be APTX
Business Wire - September 11, 1997 09:39
COMMERCE, Calif.--(BUSINESS WIRE)--September 11, 1997--AMERICAN
CINEMASTORES, INC. (NASDAQ:ACSI) will begin doing business as Apparel
Technologies, Inc. and will begin trading under a new stock symbol of
APTX on the NASDAQ small cap system as of 9 A.M. Eastern Standard Time,
Monday, September 15,1997, it was announced today by Kathryn Van Ness,
President and Chief Executive Officer.
Ms. Van Ness, who joined the company on June 25, 1997, said that "This
new name more correctly reflects the direction in which new management
is moving the company. "We have refocused the former ACSI as a technology
oriented apparel manufacturing company, with the acquisition on September
4th of The Digital Group, a company with proprietary technology that
holds the potential to transform the manufacturing of printed apparel,
as well as creating significant change in the textile and apparel retail
industries." The Digital Group has a patent pending technology for a
system of digital print for fabrics. Utilizing its proprietary system of
computer software, inks, paper and heat transfer, the system permits
print-on-demand manufacturing of fashion apparel at competitive cost,
creating superior printed apparel with sharp, clear images and vibrant
'locked-in' colors. Because only white fabric is used, change-on-the-fly
production including short runs, change orders and personalized garments,
give the designer greater freedom, while reducing to days from months
the time needed to introduce a product. "The refocus of the company began
with the acquisition on June 12, 1997 of Susan Burrowes, Ltd., a
manufacturer of women's apparel, whose line has been redesigned and
repositioned in the marketplace. Sharp reductions in overhead in the
first month under new management has turned a loss operation into one
that will show good profits in the year ending May 31, 1998. Our Susan
Burrowes, Ltd., Just Jackets, Inc. and Sierra Fixture and Design, Inc.
subsidiaries will all utilize and profit from the technology developed
by The Digital Group. This technology will be offered on a very broad
basis to apparel manufacturers throughout the world, beginning
immediately," said Ms. Van Ness.
CONTACT: American CinemaStores:
Kathryn Van Ness, President and CEO
Christopher Ebert, CFO
213/725-4955
or
ACSI Investor Relations
800/922-3456
or
Institutional Investors:
The Wall Street Group, Inc.
212/888-4848 |
