Joey, I guess not... but I know enough to realize when a company is lying about the status of its business:
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FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Aug. 15, 1997--Olympus
Ventures (OTC BB:OVIS.O) announced search for acquisitions in the
retail marketplace.
Olympus Ventures is moving into the Physical Fitness Clothing
Arena by acquisitioning small, profitable companies. Management is
currently in the final stages of negotiations with three companies
being considered. These companies need a manufacturing arm to
stimulate growth; while Olympus, to avoid starting from zero, needs
stable, well-established companies in the retail marketplace.
A six month study revealed that the profit centers in the garment
industry exist in niche markets. Olympus is structured to use niche
marketing techniques as instruments of profitability. Management
believes that the timing is right to focus their efforts and move
forward in these areas.
Olympus' prime target for acquisition is a company that has been
operating successfully for three years. This company must expand to
keep up with increasing sales. Olympus can accommodate the growth of
the company at the pace needed to satisfy the requirements.
The Company presently supplies forty fitness centers in south
Florida. The forty centers are currently taking all of the company's
available inventory. The fitness centers are a small part of the
chain boasting over 2,000 gyms and fitness centers throughout the
world. Our goal is to supply 400 of the 2,000 outlets in the next
twelve (12) months, which will only scratch the surface of the
available market.
Olympus has designed a distributor program to stimulate the
growth of the product line. Independent distributors will be given
well-defined territories based on population and market potential.
The fee for the distribution rights will be $50,000. The contract
provides the distributor with a $100,000 line of credit against the
purchase of fitness products. Distributors must always maintain a
minimum $100,000 inventory.
Sales projections exceed $15,000,000 during the first twelve
months once the merger has been completed. The company will have two
separate divisions- one in manufacturing and the other in
distribution. Both are structured to operate with a gross profit of
35%.
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NOTE TO EDITORS: In the Internet/email address noted in this news
release, there is an "at" symbol between ovisusa and aol.com. Also,
in the World Wide Web address noted in this news release, there is a
double slash between http: and www.olympusventures.com . These
symbols may not appear properly in some systems.
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What inventory!!??
I have the sickening feeling that this is a stock market equivalent of the People's Temple debacle.
Not to say that I'm qualified to deprogram anyone... but I think the true reality check will be when this company fails to come through on its promise of a financing deal.
Regards,
Ron |
