August 20, 1999 09:21
Chronicle Communications, Inc., Successfully
Closes the Acquisition of Americomp Computers
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TAMPA, Fla.--(BUSINESS WIRE)--Aug. 20, 1999--Chronicle Communications,
Inc., (OTCBB:CRNC), announces that it has successfully closed its
AmeriComp Computer Inc. acquisition. Chronicle purchased AmeriComp with
3,125,000 shares of its common stock, with the total value of the deal set at
$1.5 million. Chronicle agreed to register a total of 625,000 shares at the time it
files its next SB2 Registration Statement and those shares were valued for the
purpose of the acquisition at $.80 per share, or an equivalent of $500,000 of the
purchase price. The remaining 2.5 million shares had a set price of $.40 per
share, or an equivalent of $1 million and will remain restricted shares under
Rule 144.
John V. Whitman, Jr./ CEO, stated, "The purchase of AmeriComp went perfect
from start to finish. I am pleased to have successfully closed Chronicle's
largest deal to date. AmeriComp revenues for 1999 are estimated to exceed
$4.5 million and its profitable nature will make a significant contribution towards
Chronicle's future."
Chronicle Communications, Inc., is a fully reporting, publicly traded company
quoted on the OTC Bulletin Board under the symbol of "CRNC". The Company,
founded in 1996 and headquartered in Tampa, Florida, operates a commercial
web-offset printing plant in Tampa. Chronicle is the publisher of "The Register",
the only comprehensive directory of new homebuilders' inventory homes
available in the greater Washington D.C. Metropolitan area. The Register is
published 23 times per year with separate editions for Maryland and Virginia.
The company is expanding through capital improvements to its printing
operations. Bella, Hermida, Gillman, Hancock & Mueller, CPA's, are currently
performing Chronicle's September 30, 1998 audit. Chronicle believes its 1998
10K will be filed by the end of August, 1999. Chronicle expects to be current
with all of its filings by the October 1, 1999 OTC:BB eligibility phase-in.
Complete information, including links to the SEC's EDGAR database, can be
found at Chronicle's web site at chronicleinc.com.
Special Note: Management believes certain statements in this press release
may constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are made on the
basis of management's views and assumptions regarding future events and
business performance as of the time the statements are made. Actual results
may differ from those expressed or implied. Such differences may result from
actions taken by he company prior to its current fiscal year end, as well as
from developments beyond the company's control, including changes in global
economic conditions that may, among other things, affect the performance of
the company's printing and publishing business, anticipated acquisitions or
future business. In addition, changes in domestic competitive and economic
conditions may also affect performance of all significant company businesses.
SOURCE: Chronicle Communications, Inc.
CONTACT: Chronicle Communications, Inc.
John V. Whitman, Jr./Lori L. Riscile
813/248-0100
Fax: 813/247-2133
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