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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: Jim Bishop who wrote (1457)6/23/1999 11:31:00 PM
From: SSP  Read Replies (1) of 150070
 
BOCA RATON, Fla., June 23 /PRNewswire/ -- Uniservice Corporation (Nasdaq: UNSRA - news), the owner/operator of 35 Kentucky Fried Chicken restaurants in Chile, announced today, that it had entered into a letter of intent to acquire Commercial Submarine Chile S.A.

Commercial Submarine is a privately held 12-store chain in Santiago, Chile, operating as ''Submarine,'' that specializes in the sale of a variety of sub-sandwiches. For the fiscal year 1998, Submarine had revenues of approximately $2.8 million and earnings of approximately $250,000. Uniservice will acquire Submarine for approximately $1.5 million in cash. The closing of the transaction is subject to approval of the respective boards, as well as completion of due diligence by Uniservice.

Mr. Ricardo Vilensky, CEO of Uniservice, noted ''that this acquisition is in line with Uniservice's plan of expanding by acquisition and increasing its market share within the Chilean fast food industry. We also believe that there are certain economies of scale and we anticipate that based on these economies of scale that we will be able to improve Submarine's future earnings.'' Uniservice will continue to go ahead with its plan to open 3 to 4 additional KFCS on an annual basis and to seek other synergistic and value- added acquisitions.
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