Lots of Press releases out last week they are buying a lot of companies.
ntile Designs, Inc. Announces Signing Letter of Intent to Sell 25,000,000 Shares of Common Stock to Energy Drilling Industries, Inc. for $2,000,000 in Cash
HOUSTON, April 2 /PRNewswire/ -- Intile Designs, Inc. (OTC Bulletin Board: IDES) ("Intile") announced today that it has signed a Letter of Intent ("LOI"), to sell 25,000,000 new shares of Intile Common Stock for $2,000,000, in cash, to Energy Drilling Industries, Inc. (OTC Bulletin Board: EDII) ("EDII"). This will represent an ownership of approximately 82% of Intile. The LOI is subject to certain conditions, including due diligence by both parties, amendment of the company's charter to authorize shares of common stock, and preparation and execution of definitive agreements. The proceeds of the sale will be used in the restructuring of the senior debt on terms more favorable to the company. One significant condition to the transaction is negotiating those terms with the company's senior lender in advance of closing.
Intile anticipates reporting approximately $13,500,000 in revenues for the year ended March 31, 1998 and is an importer and distributor of ceramic tile in the United States. Headquartered in Houston, Texas, the company sells its products through a network of company-operated sales centers and independent distributors. Intile's stock is traded Over the Counter under the symbol IDES.
Headquartered in Houston, Texas, EDII is a holding company with diverse interests in five industry segments: industrial, financial, oil and gas, real estate and entertainment.
G.C. Siller, Jr., Intile's president and chief executive officer, stated, "This is the initial stage of our financial restructuring and a critical step in our turnaround plan. The association with EDII will give Intile the support necessary for exploiting its market areas."
For more information, please contact Intile Designs, Inc. at 9716 Old Katy Road, Suite 110, Houston, Texas 77055, 713-468-8400 (phone), 713-468-7116 (fax).
Note: Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements regarding the company's results and trends in business. These statements are based largely on the company's expectations and are subject to a number of risks and uncertainties identified above, many of which are beyond the company's control. These risks and uncertainties could cause actual results to differ materiality from those in the forward-looking statements.
SOURCE Intile Designs, Inc.
CO: Intile Designs, Inc.; Energy Drilling Industries, Inc.
ST: Texas
IN: CST OIL
ergy Drilling Industries Inc. Announces Signing of Letter of Intent to Acquire Cinema Research Corporation
HOUSTON--(BUSINESS WIRE)--March 31, 1998--Energy Drilling Industries Inc. (OTCBB:EDII) today announced the signing of a Letter of Intent to acquire Cinema Research Corporation of Los Angeles, Calif., the second largest optical effects company in the world. Cinema Research Corporation has been established in the Hollywood production community for over 50 years. It has an excellent reputation, it is doing business with major studios, independent producers, and television production companies. The client list includes all the best known producers.
Cinema Research Corporation specializes in titles, credits, optical and digital effects. It uses both optical and state-of-the-art computer processes.
The company business plan includes the installation of a complete state-of-the-art high definition (HDTV) post-production editing facility. It will provide film and television clients with the most advanced high definition post-production facility in the United States.
Cinema Research Corporation's projected 1998 revenues without the high definition plan is approximately is 12M and profitable. After the implementation of the high density, the Company's revenues should triple. Cinema Research Corporation is being acquired for restricted common stock of EDII.
Energy Drilling Industries has five divisions, industrial, financial, oil and gas, real estate and entertainment. EDII assists its subsidiaries to build each division in its own field.
For more information, please contact Energy Drilling Industries Inc. at 1701 Brun Street, Suite 100, Houston, Texas 77019, 713-522-6116 phone, 713-520-6512 fax.
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