This is interesting -
In September 1991, the Company entered into an option agreement with ICC Industries Inc.
ICC Industries Inc. purchased an aggregate of 19,559,968 shares of Common Stock, representing 66.7% of the Company's outstanding Common Stock.
ICC is a major international manufacturer and marketer of chemical,
plastic and pharmaceutical products which had 1994 sales of
approximately $880 million.
ICC and its subsidiaries have offices in key business centers around the world and owns numerous manufacturing plants.
In order to manufacture Generic OTC Products, the Company acquires raw materials from suppliers located in the United States and abroad, including ICC, an affiliate of the Company.
Since January 1992, the Company has entered into various subleases of equipment from companies affiliated with ICC, for which the Company pays such affiliates fixed monthly fees. Such leases have various terms, expiring at different times between 1995 and 2000. Upon expiration of the term of each lease, the Company is entitled to purchase the equipment for a price of $1.00. ICC's affiliates purchased such equipment for approximately $5,848,000. The Company is
currently negotiating with ICC with respect to additional capital leases having an aggregate purchase value of $2,000,000. The Company leased manufacturing equipment through ICC in the past because it had been unable to lease such equipment directly on acceptable terms. See "Certain Relationships and Related Transactions." |
