Beacon Light Expands European Holdings; New Acquisition Completed by Subsidiary
( Business Wire )
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( BW)(BEACON-LIGHT)(BLHG) Beacon Light Expands European Holdings; New
Acquisition Completed by Subsidiary
Business Editors
AMSTERDAM, Holland--(BUSINESS WIRE)--June 14, 1999--Jerry
Gruenbaum, President of Beacon Light Holding Corporation (OTC-BB:
BLHG) announced today that after lengthy negotiations, VJMA Roosen, a
Dutch company, which markets products throughout Europe has been added
to the fold. The acquisition was consummated by Wellux BV of Holland,
a wholly owned subsidiary of Wellux Industries Ltd., which is BLHG's
wholly owned subsidiary. The agreement called for the issuance of
500,000 shares of restricted common stock of BLHG.
VJMA Roosen specializes in product design, development, packaging
and marketing of quality cookware and high end cutlery. The management
of VJMA reported that VJMA had sales for the year ended December 31,
1998 of approximately $1.5 million USD, with a net profit of
approximately $100,000 USD. Net assets being acquired by Wellux BV are
valued at approximately $500 thousand USD, including current
inventory.
VJMA Roosen is a logical addition to Wellux BV because of the
synergies in product design, assortment, logistics and distribution
network. The addition of VJMA Roosen will enable Wellux to expand its
product assortment and increase its ability to become a more powerful
dynamic participant in the European direct sales and wholesale
distribution markets.
BLHG has further announced that it is in the process of working
with its auditors, Hoffski & Pisano, CPAs of Newport, California to
prepare for the company's audit which will commence at the close of
this fiscal year at the end of this month. Upon completion of the
audit, the company intends to file with the SEC in an effort to become
a 12-G reporting company. Safe Harbor Disclosure This Press Release
contains or incorporates by reference "forward-looking statements,"
including certain information with respect to plans and strategies of
Beacon Light Holding Corporation. For this purpose, any statements
contained herein or incorporated herein by reference that are not
statements of historical facts may be deemed to be forward-looking
statements. Without limiting the forgoing, the words "believes,"
"anticipates," "plans," "expects," "enhanced" and similar expressions
are intended to identify forward-looking statements. There are a
number of important factors that could cause actual events or actual
results of Beacon to differ materially from these indicated by such
forward-looking statements.
For further information about Beacon Light, please contact Jerry
Gruenbaum at 201.876.5252
--30--rc/ny*
CONTACT: Beacon Light
Jerry Gruenbaum, 201/876-5252 President
blhcorp@aol.com
KEYWORD: NEW YORK INTERNATIONAL EUROPE
INDUSTRY KEYWORD: BANKING RETAIL MINING/METALS MERGERS/ACQ
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