Wednesday May 21 2:51 PM EDT
Company Press Release
Corporate Vision announces acquisition of T.L. Phipps &
Company
TULSA, Okla.--(BUSINESS WIRE)--May 21, 1997--Corporate Vision, Inc. (OTC:BB - news) today
announced the completion of the acquisition of 100% of the outstanding common stock of T.L.
Phipps & Company.
The transaction, which was effected through the exchange of cash and restricted Common Stock of
CVI, will be accounted for as a purchase. T.L. Phipps & Company will become a wholly-owned
subsidiary of CVI.
The acquisition of Phipps is expected to enhance the marketing of CVI's services by expanding its
base of corporate clients. The combined companies can now offer ``one-stop shopping'' for
CD-ROM design and production, video and post production, print, and internet services.
Terry L. Phipps will remain as President of the wholly-owned subsidiary and will focus entirely on
sales and new business development. Under his leadership, Phipps has grown to a company with
approximately $2.0 million in average annual revenues over the past two years. Phipps serves a
variety of corporate clients, including television production companies, Fortune 500 companies and
advertising agencies.
``By offering a full range of digital services, Corporate Vision is now positioned to undertake larger
and more complex projects including the interactive marketing and training productions that our
clients have requested,'' stated Phipps.
Corporate Vision, Inc. is an interactive multimedia company that provides a full range of video and
interactive services to the corporate market. |
