MISM= are you following this one?
Tuesday March 24, 7:27 pm Eastern Time
Company Press Release
MIS International To Purchase 27 Automotive Repair Centers
MISSISSAUGA, Ontario, Canada--(BUSINESS WIRE)--March 24, 1998-- MIS International, Inc. (OTC/bb: MISM -
news) announced today that it has reached an agreement to purchase an Ontario-based automotive repair chain consisting of
27 franchised locations for $1.9 million CAN. The name of the company and its financial data were withheld pending
completion of due diligence by MIS in 14 to 21 days.
Capital required to complete the acquisition is already in place as a result of the Company's recent $15 million financing
agreement with a US-based institution.
Commenting on the pending acquisition, Dan Masters, Chief Executive Officer of MIS, stated, ''We believe that the addition
of these 27 locations will prove to be an ideal fit with our existing Wheel to Wheel franchise concept. This agreement, coupled
with our previously announced acquisition of up to 53 locations from an undisclosed source, the purchase of three sites from
Goodyear Canada Inc. and our on-going Wheel to Wheel conversion efforts, should greatly enhance our presence in the local
automotive marketplace and provide us the support necessary for future international growth.''
MIS develops and franchises retail concepts on a multi-unit basis. MIS currently has two distinct franchise concepts, Pretzel
Twister in the snack food industry and Wheel to Wheel in the automotive repair industry.
Contact:
MIS International
Dan Masters, 905/890-6442
or
Rubenstein Investor Relations
Clint Cantwell, 212/843-8051 |
