Hi You All,
The following is a reprint of the Barron,s article.
FIRAMANDA,INC.
Announces Immediate Plans To Acquire NASDAQ Listing
NEW YORK, NY, MAR> 12-Firamada Inc. (OTCBB:FAMH) announced it is in negotiations to merge with a Listed Basdaq Company. Wexford Capital LLC has been retained as its investment banking service for this transaction.
This merger would allow Firamada, Inc. to acquire nearly 100% ownership of the NASDAQ Company, thus accomplishing one of Firamada's primary goals, and securing Listed NASDAQ Status well ahead od schedule.
Firamada Inc. President, Ira Monas issued an enthusiastic statement regarding what would be a land mark achievement. "One of our primary goals over the past year has been to attain a Nasdaq Listing. Firamada's rapid growth, through aggressive acquisition and strategic placement, has positioned us to take advantage of a rare opportunity.
"We are moving quickly in our negotiations to acquire ownership of this Nasdaq Company. It appears, at this time: we would be looking at an approximate share exchange of 4 shares of Firamada stock for 1 share of stock in the Nasdaq Company. Firamada would not incur a cash outlay in this shareholder of the Nasdaq Company, "These terms would exceptionally favorable for Firamada and our shareholders as this Nasdaq Company brings no liabilities and a very small number of outstanding shares. Given a post-merger adjusted 1997 EPS of $.36 based solely on Firamada's earnings, and with most industry multiples currently running in the 25-35 range, we would anticipate a significant appreciation in the resultant value of Firamada's Nasdaq shares."
Mr, Monas, summing up his thoughts, said, "We appreciate the patience our shareholders have shown while we adjust to a higher business atmosphere resulting from our growth and acquisitions. We were preparing the final financials last week, for release to the shareholders, when we were offered these exceptional terms.
"Firamada is remarkably fortunate to find a Nasdaq company close to being delisted, but with a stock price that has maintained substantial value despite no earnings. Firamada will bring stability, assets and growth to this merger. With a Nasdaq listing, and our extensive plans for the future, we would have necessary tools to propel Firamada into the Big Leagues."
This rest is the legal stuff that I will not type.
Thanks and good luck
Paul J Gourley |
