Thursday September 3, 1:00 pm Eastern Time
Company Press Release
Cashco Announces Spin-off and Dividend
PHILADELPHIA--(BUSINESS WIRE)--Sept. 3, 1998--The Board of Directors of Cashco Management, Inc. (''Cashco'') has approved a pro-rata dividend of all of the outstanding shares of voting common stock of A.R. Brooks & Associates, Inc. (A.R. Brooks'') to the shareholders of Cashco.
As a result of this dividend, A.R. Brooks will no longer be a wholly owned subsidiary of Cashco and will become and independent, publicly held and full reporting company. A.R. Brooks will operate the retail pet products business presently operated by Cashco through A.R. Brooks.
The dividend will be distributed to all Cashco shareholders who are shareholders of record on November 3, 1998. Cashco shareholders will receive as a dividend, one share of A.R. Brooks common stock for every five shares of Cashco common stock held on the record date.
A.R. Brooks has commenced its marketing of its premier cat litter product, Paws OnlyTM and will be implementing its first promotional campaign, ''Buy One Get Free'' in the fall of 1998. Based on the results of the test marketing of the product and the Company's projected sales in excess of $12 million in the first year of full marketing effort, the Company expects to achieve a minimum earnings of 20 cents per share.
Certain of the above statements may be forward looking statements that involve risks and uncertainties. In such instances, actual results could differ materially as a result of a variety of factors, including competitive developments and risk factors which will be listed from time to time in the Company's SEC reports, when the Company is a fully reporting issue. |
