Big charts indicate that only a couple hundred shares until just before noon. Interestingly enough, there appear to be no trades between 2:30 and 3:30 either.
There was news though:
Thursday March 12, 12:59 pm Eastern Time
Company Press Release
SOURCE: TeleServices International Group Inc.
TeleServices International Group Inc. Completes
Definitive Agreement to Acquire Compact Connection,
Inc.
ST. PETERSBURG, Fla., March 12 /PRNewswire/ -- TeleServices International Group Inc.
(OTC Bulletin Board: TSIG - news), an inbound teleservices provider, today announced that it has
signed a definitive agreement to acquire 100 percent of Santa Ana, California-based Compact
Connection, Inc., a leading wholesaler of compact discs and cassette tapes. The transaction is
valued at $15 million. Exact terms were not disclosed and closing of the acquisition is contingent on
satisfactory completion of both an audit of Compact Connection's financial statements and
TeleServices' due diligence review.
On February 19, 1998, TeleServices International reported that it had signed a Letter of Intent to
acquire Compact Connection, Inc.
Compact Connection's 1997 unaudited revenues were $14 million with $1.4 million in net profit.
Its 1.5 million customers and well over 200 dedicated distributors make the Company one of the
ten largest music wholesalers in the United States.
Compact Connection has represented to TeleServices that it projects its 1998 sales to exceed $35
million, with 10 percent net profit falling to the bottom line, and its client base to grow to over 10
million in the next two years.
''We are particularly impressed with Compact Connection's ability to continually create new
revenues streams,'' stated Robert Gordon, Chairman of TeleServices International Group Inc.
''Our teleservices capabilities will greatly facilitate Compact's growth and, in turn, our own.''
Darrell Piercy, Chief Executive Officer of Compact Connections stated: ''We expect to establish a
major presence on the internet, where we have set in motion a business plan that will allow us to
compete in N2K's (Nasdaq: NTKI - news) and CDnow's (Nasdaq: CDNW - news) on-line
market segment.
''Like our competition, we too have over 200,000 titles. However, as a wholesaler, our cost
structure is such that we expect to pass along significant savings to consumers without sacrificing
profit margins.''
TeleServices International Group specializes in the effective and efficient handling of inbound
toll-free calls incident to the sales and services of its own products. TeleServices also maximizes
the value of outsourced teleservices to its clients by combining a strategic commitment to customer
satisfaction with proprietary technology and proactive marketing techniques. Its clients include
NIKE (NYSE: NKE - news) World Masters Game, Frontier Airlines, Country Living and some
of the best known Convention and Visitors Bureaus (CVB's) in the country including the city of
Los Angeles and the Chicago Office of Tourism, Pocono Mountains Vacation Bureau and the
Palm Springs Desert Resort.
SOURCE: TeleServices International Group Inc. |
