Business Wire out this morning! What-A-Product acquisition completed:
( BW)(LA-GROUP) LA Group, Inc. Completes
Acquisition Of What-A-Product, Inc.
Business Editors
ROCHESTER, NY, & PHOENIX, Ariz.--(BUSINESS
WIRE)--Dec. 3, 1997-- LA Group, Inc. ("NASDAQ BB: LAAQ") Mr.
Daniel Fasano, President and Chief executive Officer of LA Group, Inc.
today announced the completion of the acquisition of Phoenix, Arizona
based What-A-Product, Inc. (WAPI)
Mr. Fasano disclosed that LAAQ had purchased 100% of the
outstanding shares of What-A-Product, Inc. from the WAPI shareholders
through a stock exchange agreement. Mr. Frank T. Costanzo President
of WAPI has confirmed the transaction.
Mr. Fasano announced that initially, WAPI would be operated as a
wholly owned subsidiary of LAAQ. He stated, "I am very pleased with
the completion of this long pending transaction. This action will result in
the LAAQ having its own proprietary line of products including the
popular What-A-Saw (r)".
Mr. Frank T. Costanzo, who will continue to work with WAPI and
LAAQ, indicated that the existing sales and marketing agreements will
continue in place. The agreement is between WAPI and Harriman, New
York based Coordinated Strategic Alliances (CSA). QVC Inc. is CSA's
primary customer for whom CSA has developed and marketed, in
conjunction with WAPI, such products as the original What-A-Saw (r),
What-A-Wrench (r) and the original What-A-Chair (r).
Mr. Eric Levine, President of CSA stated, "We are pleased with this
new relationship with LAAQ and look forward to LAAQ marketing these
products through its As Seen On TV retail. We are further pleased that
this arrangement will allow us to continue to market these unique products
through the premiere electronic retailer, QVC". The principle offices of
WAPI will be relocated to Rochester, New York.
--30--eb/ny*
CONTACT: Daniel Fasano of the LA Group, Inc.
tel. 716-581-1910, fax 716-581-2068
or
Frank T. Costanzo of the What-A-Product, Inc.
tel. 602-598-1644, fax 602-705-5766
or
Visit our web site at www.aseenontv.com
or E-mail: invest@aseenontv.com
KEYWORD: NEW YORK
INDUSTRY KEYWORD: TELECOMMUNICATIONS COMED
INTERACTIVE/MULTIMEDIA/INTERNET MERGERS/ACQ |
