History of Chic By H.I.S. Inc. (JNSC)
On 05/04/2000, Newbridge Capital, Inc (OTCBB: NBRG $3.75) made a
tender offer for Chic By H.I.S., Inc (OTC Pink Sheets: JNSC) that
equates to about $.3125 per share - about a 400% premium above
JNSC's current price of $.0625. The offer price was calculated by
taking the last traded price of NBRG ($3.75 as of 05/05/2000) and
dividing it by 12 - they are offering 1 NBRG share for 12 JNSC shares.
JNSC was de-listed from the NYS on 03/09/2000 to the OTC Pink Sheets.
They should be re-listed soon on the OTCBB per the 05/01/2000 OTCBB
Anticipated Addition list. They trade in the Pink Sheets under the
symbol JNSC at the current price (05/05/2000) of $.0625 per share.
So why is the price of JNSC stock at $.0625 per share? Currently they
no longer have a marketing label. Having financial problems, they sold
the global trademark rights of the CHIC and H.I.S. brand names to
VH Corporation, the world's largest apparel company. So what does
JNSC have left to offer NBRG and YSCO? It appears from the SEC filings
that they still own their manufacturing facilities. Here is a direct
quote from the JNSC CEO on the sale of the Chic label:
"These transactions (sale of Chic & H.I.S. labels) will provide
the company (JNSC) with much needed capital and allow us to
move forward as a quality manufacturer for private label
customers utilizing our state-of-the-art facilities in Mexico."
Also, from the 11/06/1999 10K:
The Company has engaged an investment banker to assist in structuring
a transaction to sell selected assets of the Company to enable the
Company to focus on its strategic objective - utilizing its Mexican
manufacturing facilities to maximize shareholder value and
profitability.
JNSC has much more than just a manufacturing facility. They also have
extensive experience in market clothing. Here are several excerpts from
the 11/06/1999 10K:
- During fiscal 1999, the Company sold its products to more than 1,000
retailers, which the Company believes, operate over 7,000 stores in
the United States.
- The Company also started to sell merchandise in the Canadian market.
- Most of the Company's sales in fiscal 1999 were made to mass merchandisers
and the remainder was made primarily to department and specialty stores.
Sales of the CHIC and H.I.S product lines to the Company's two largest
accounts, K-mart Corporation and Target (a division of Dayton Hudson
- The Company also markets similar apparel in Europe, primarily in Germany.
- Sales are made primarily through the Company's full-time sales force and
also through showrooms and trade shows, with an emphasis on selling to
mass merchandisers. The Company has a direct sales force, which includes
individuals located in the Company's New York City showroom as well as
showrooms in Chicago, Dallas and other locations.
- Each salesperson is equipped with a personal computer that has a direct
satellite linkup with the mainframe located in the Company's executive
offices, which allows each salesperson to access readily various types of
information such as product availability.
- The Company advertises its products nationwide through television and
print media.
- The Company's in-house merchandising department develops jeans and casual
pants product lines, including the pricing and packaging for each line.
- In recent years, European sales have expanded beyond Germany, Austria
and Switzerland into surrounding countries, including Poland, the Czech
Republic, Slovakia, Belgium, Luxembourg and the Netherlands.
CONTACTS
--------
Chic By H.I.S., Inc.: Stephen Goldstein (212) 302-6400 ext. 210
NewBridge Capital Inc.: Jonathan Small, 949/833-2094 (ext. 723)
SEC filings for Newbridge Capital, Inc (Scientific NRG)
-------------------------------------------------------
freeedgar.com
SEC filings for Chic By H.I.S., Inc
------------------------------------
freeedgar.com
JNSC BACKLOG AS OF 11/06/1999:
------------------------------
The Company's backlog consists of confirmed purchase contracts. At
November 6, 1999, the Company had unfilled customer orders of
approximately $88.2 million of merchandise, of which approximately
$54.8 million were for domestic orders and approximately $33.4 million
(based on the exchange rate for the deutsche mark on November 6, 1999)
were for European orders.
NewBridge Capital, Inc. offer to buy Chic by H.I.S., Inc. (JNSC)
----------------------------------------------------------------
freeedgar.com
biz.yahoo.com
Chic By H.I.S. Inc to be listed on OTCBB
----------------------------------------
OTCBB Anticipated Addition 5/1/20000
13:46 JNSC** Chic By H.I.S. Inc
otcbb.com
Chic by H.I.S., Inc. sells Chic label to VF Corporation
-------------------------------------------------------
biz.yahoo.com
Chic Jeans being re-launched with multi-million $ ad campaign
-------------------------------------------------------------
chicjeans.com
3/17/2000 Chic By H.I.S., Inc. de-listed from NYSE
--------------------------------------------------
www.NYSE.Com
NEW YORK, March 9, 2000 -- The New York Stock Exchange announced
today that trading in the common stock of Chic By H.I.S., Inc.
(the "Company")-- ticker symbol JNS -- will be suspended prior to
the opening on Friday, March 17, 2000, or such earlier date as i)
the Company commences trading in another securities marketplace or
ii) the Company makes a material adverse news announcement. Following
suspension, application will be made to the Securities and Exchange
Commission to delist the issue. The Company currently expects to trade
on the Pink Sheets upon suspension.
NOTE: I own stock in JNSC. This information is base on my assumptions,
SEC reports, and news releases. I have not been able to contact management
to confirm any of these assumptions. This is not a recommendation to buy
JNSC. Please do your own DD (Due Diligence). |
