As I said a long time ago, this company is no scam!
MegaWorld to Acquire Total Building Systems; President of Houston-based Company to Become CEO of Combined Operations
Business Wire - August 24, 1998 08:29
NEW YORK--(BUSINESS WIRE)--Aug. 24, 1998--MegaWorld Inc. (OTC:MEGW) today announced that it has signed a definitive contract to acquire Total Building Systems Inc., a privately held engineering and manufacturing firm specializing in purpose built structures and buildings for the oil & gas, transportation and communications industries.
Total Building Systems Inc. employs approximately 225 people at two locations in Houston. Terms of the acquisition were not disclosed.
Charles D. McPhail, president & CEO of Total Building Systems Inc. (TBS), will become the chief executive officer of MegaWorld Inc. upon completion of the acquisition.
In announcing the acquisition, David Mahy, chief operating officer of MegaWorld said, "We are delighted that TBS is joining the MegaWorld family. TBS has experienced phenomenal growth during the last few years. In 1996 and 1997 TBS grew at a rate of 73% over the prior year, and is on track to report growth of over 100% this year. We are excited and confident that Mr. McPhail will bring to MegaWorld Inc. the discipline and drive that fueled his success with TBS."
MegaWorld Inc. is a diversified holding company with interests in communications (Internet Telephony), publishing and international time-share operations. With the completion of the acquisition of TBS, the combined annualized revenues of MegaWorld Inc. are projected to exceed $30 million, and MegaWorld Inc. will meet the qualification requirements for a NASDAQ company. Immediately upon the completion of the merger, MegaWorld Inc. will prepare to submit its application to NASDAQ.
MegaWorld Inc. is an Electronic Bulletin Board Company listed under the symbol (MEGW).
Note: Forward looking statements in this release are made pursuant to the "safe harbor" provisions of Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward looking statements invite risks and uncertainties, including without limitation, continued acceptance of the company's products, increased levels of competition for the company, and other risks.
CONTACT: MegaWorld Inc., New York
David W. Mahy, 212/750-3333
or
Lobsenz Stevens, New York
Cynthia Bond, 212/684-6300 Ext. 343
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