Wednesday November 5 8:29 AM EST
Company Press Release
Havana Republic Raises $1.9 Million in Private Placement
Schedules Special Stockholders Meeting to Change Domicile from Colorado to
Florida
WESTON, Fla.--(BUSINESS WIRE)--Nov. 5, 1997--Havana Republic (NASDAQ/OTC BB:HVAR) has raised approximately $1.9 million in a private placement, announced Stephen Schatzman, president.
Havana Republic (the company) currently is engaged in the business of operating upscale cigar emporiums devoted to the sale of premium cigars and accessories, and holds interests in plantations and cigar manufacturing factories in Nicaragua.
The company will hold a special stockholders meeting on Nov. 6, 1997 at 10:00 a.m. at its corporate headquarters, 1360 Weston Road, Weston, Fla., to approve a change of domicile from Colorado to Florida. This change will be accomplished through the merger of Havana Republic into its wholly owned operating subsidiary, The Havana Republic, a Florida corporation.
''Inasmuch as Havana Republic's facilities are located in Florida, the change of domicile is appropriate. This change will make our corporate operations less complicated,'' said Schatzman.
According to Schatzman, there will be no change in the number of shares authorized or outstanding. The company has 9,159,460 outstanding shares of common stock.
In addition to these announcements, Schatzman also noted that the company has terminated negotiations relative to acquisition of International Cigar Enterprises Inc.
''We hope to establish a relationship with International Cigar that will include the supply of Havana Republic's private label cigars.''
Relative to the private placement, Schatzman stated that, ''Havana Republic has determined to devote all of its resources to the development of additional emporiums and a distribution network for premium cigars. The additional financing will allow the company to continue its expansion plans.''
The company operates a cigar store and club in Weston, Fla. Its second store, in the Las Olas/Riverfront complex in downtown Fort Lauderdale, Fla. is under construction and on target for a Jan. 15, 1998 opening.
Contact:
Havana Republic, Weston
Stephen Schatzman, 954/384-6333 |
