ACTB=waiting for $10mil credit approval in five days:
(COMTEX) B: PROGRESS REPORT ON THE MERGER BETWEEN ACTION SPORTS INTER
B: PROGRESS REPORT ON THE MERGER BETWEEN ACTION SPORTS INTERNATIONAL AND
MANHATTAN FINANCING CORP.
IRVINE, Calif., Jun 30, 1999 /PRNewswire via COMTEX/ -- James Whitey,
jointly-elected spokesperson for Action Sports International (OTC
Bulletin Board: ACTB) and Manhattan Financing Corp., reported today,
that "I am very excited to report that the Manhattan branch of the Bank
of India is in the process of approving a ten million dollar line of
credit to Action Sports and hope this will be finalized within the next
five banking days. This financing will allow the company to expand its
present manufacturing capabilities, easily upon demand, considering its
new alliance with Trans National Sports, and the amount of sales volume
that should arise out of that agreement. The company also plans to use
this financing to give it more leverage in continuing with its
aggressive acquisition campaign."
"I would also like to mention," Mr. Whitey continued, "that the
strength of Manhattan Financing was paramount in arranging for this
line of credit." Manhattan Financing, a privately held company in
Manhattan, New York, has assets estimated at 30-50 million dollars,
depending upon accounting practices, and has extensive real estate
holdings throughout the world. The two companies are currently
finalizing merger negotiations. Mr. Whitey further declared that he
will continue reporting the progress of the merger to the shareholders
of the company.
Except for historical matters contained herein, the affairs discussed
in this press release may contain forward-looking statements and
aremade pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements may reflect assumptions and involve risks and uncertainties
that may affect Action Sports International's future business and
prospects and could cause actual results to differ materially from
these forward-looking statements.
SOURCE Action Sports International
(C) 1999 PR Newswire. All rights reserved.
prnewswire.com -0-
CONTACT: James Whitey, 949-789-7525, Spokesperson for Action
Sports
International
(ACTB)
GEOGRAPHY: California
New York
INDUSTRY CODE: HOU
REA
SUBJECT CODE: OTC
TNM
*** end of story |
