Midland, Inc. Acquisition
PR Newswire - November 13, 1997 07:00
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DALLAS, Nov. l3 /PRNewswire/ -- Midland, Inc. (OTC Bulletin Board: MIDL)
announced today that it has acquired DRC Incorporated of Las Vegas, Nevada.
DRC (a Nevada Corporation) is in the Restaurant, Bar and Entertainment
Business in Las Vegas. The company currently operates one Restaurant/Bar with
15 gaming machines in Las Vegas and has plans to acquire an additional
15 locations within the next year. DRC also manages several up and coming Las
Vegas Entertainers.
In connection with the acquisition, Mr. Gerald N. Cuomo has been appointed
to Midland's Board of Directors and has been appointed to the post of
President of the new subsidiary DRC. In addition, Mr. Cuomo will be a Vice
President of Midland in charge of its new entertainment division.
The acquisition was paid for by Midland with restricted stock and will add
about $10,000,000 to Midland's revenues for FY 1998.
Midland has also entered into an agreement to acquire Diskman Software of
Dallas, Texas. Diskman develops and sells software to various industries
throughout the U.S. Mr. Charles Kandutsch, President of Diskman, and his
management team will remain and Kandutsch will become a Vice President of
Midland. New Departure's interchange software will be transferred to the new
subsidiary for further development and marketing. Diskman adds marketing and
software expertise that management feels will more than double revenues from
the software division. Sales for FY 1998 are expected to exceed $5,000,000.
In connection with the Bearing industry, New Departure has entered into
formal negotiations with Shar Bearing Corporation of Russia to be their sole
distributor in North and South America. New Departure is currently testing
Shar's product for noise and tolerance standards in the company's facilities
in Dallas. The Company is also negotiating with several Chinese manufacturers
of Bearings to be the sole importer of their product, for the same
geographical area, and has entered into a representation contract with a
Beijing Attorney to aid in those discussions.
SOURCE Midland, Inc.
/CONTACT: Investor Relations of Midland, Inc., 800-754-4519/
(MIDL) |
