(BSNS WIRE) Leisureplanet Holdings Sells Noncore Industrial Fastener Bus
Leisureplanet Holdings Sells Noncore Industrial Fastener Business to Management
Business Editors
MIAMI--(BUSINESS WIRE)--June 24, 1999--
-- Sale Reflects Recent Shift in Company's Strategic Focus
Following Acquisition of 81% of Leisureplanet Internet Travel Services
Business --
Leisureplanet Holdings, Ltd. (NASDAQ: LPHL) today announced that
it has sold LS Pressings, its South African industrial fastener
subsidiary, to the unit's management team for $1.6 million in cash.
Clive Kabatznik, Chief Executive Officer of Leisureplanet
Holdings, said: "The sale of LS Pressings is a continuation of our
efforts to divest non-core assets, thereby focusing our company on our
81% stake in the Leisureplanet online travel services business, and
our stake in publicly traded First Lifestyle Holdings. Future
acquisitions by Leisureplanet Holdings will focus on areas
complementary to the Leisureplanet business. We will continue to
operate Leisureplanet as an independent company and provide it with
additional financial and management resources in order to fulfill its
business plan and maximize its value for our shareholders."
Leisureplanet Holdings, Ltd. is a publicly traded investment
company whose holdings include an 81% stake in Leisureplanet, a global
Internet travel services provider, as well as businesses in various
industries, including value-added convenience foods and leisure
products.
The statements which are not historical facts contained in this
press release are forward-looking statements that involve certain
risks and uncertainties including but not limited to risks associated
with the uncertainty of future financial results, additional financing
requirements, development of new products, regulatory approval
processes, the impact of competitive products or pricing,
unpredictability of patent protection, technological changes, the
effect of economic conditions and other uncertainties detailed in the
company's filings with the Securities and Exchange Commission.
--30--MEM/ny*
CONTACT: Kekst and Company
Roy Winnick or Mark Semer
(212) 521-4842 or 4802
KEYWORD: FLORIDA
INDUSTRY KEYWORD: BANKING INTERACTIVE/MULTIMEDIA/INTERNET
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