Ron, I believe their assets have increased because of acquisitions.
Their most recent merger with Avalon Entertainment Group Inc. was completed in April.
It appears the merger was completed with a combination of cash, notes and common stock. Here is the news release that gives the details.
----------------------------------------------------------------------
NASHVILLE, Tenn.--(BUSINESS WIRE)--April 22, 1997--Nashville Country Club, Inc. (Nasdaq NM: NCCI) today completed a previously announced merger of NCCI with Avalon Entertainment Group, Inc., a privately held, broad-based entertainment company specializing in the production of live entertainment events and music marketing programs for corporate clients. NCCI satisfied the $7,200,000 purchase price for Avalon through a combination of $2,880,000 in cash and notes and the issuance of $4,320,000 of NCCI Common Stock. With the closing of this transaction, NCCI continues the aggressive expansion of its portfolio of entertainment assets, which includes two resort hotels, nine restaurants and taverns and over 120,000 square feet of commercial properties.
"This transaction significantly enhances the Company's position as a national entertainment company," said Thomas J. Weaver III, NCCI chairman and CEO. "With the addition of Avalon, NCCI becomes a national producer of concerts and entertainment marketing events in all music genres. This transaction greatly enhances our capabilities in the concert and special event market segments of the entertainment industry. Avalon creates new opportunities for synergistic growth with NCCI's existing resort hotels, restaurants and television programming operations."
Avalon's Warner/Avalon Entertainment Marketing division, a Time Warner joint venture between Avalon and Warner Music Group, a subsidiary of Time Warner, is the industry leader in creating and producing entertainment marketing programs for such well known companies as Miller Brewing Company, BlockbusterVideos, Inc., Fruit of the Loom and the House of Seagram. Avalon Entertainment Group will continue to maintain offices in Los Angeles, San Diego, Nashville and New York.
NCCI, headquartered in Tennessee, is a diversified entertainment company that operates resort hotels and restaurants and is a national producer of concerts, corporate entertainment and marketing events and
television programs.
----------------------------------------------------------------------
I have not yet purchased any stock. I am still watching this company
Cheryl |
