NEWS!!!!!!!!!!!!!!!!!!
02/23 12:29 Leah Industries Inc.
Announces Acquisition by
Win-Door.com
LEAH.OB>
Leah Industries Inc. Announces Acquisition by
Win-Door.com
SAN ANTONIO--(BUSINESS WIRE)--Feb. 23,
1999--Leah Industries Inc. (OTC BB:LEAH) is pleased
to announce that its subsidiary, Win-Door.com Inc., is
acquiring eighty percent (80%) of Eveready Exact
Closures Inc. for $6.5 Million.
Eveready Exact Closures Inc. is the owner of patented
technology for the retro-fitting and upgrading of existing
hospital, school, business and industry doors to comply
with ULC, UL and NFPA health and fire safety
requirements.
Commenting on the acquisition, Alex Kaplun, president
of Win-Door.com Inc., stated, "The cost to replace an
existing door with a ULC, UL and NFPA fire-rated door
is about $500. Our technology enables us to retro-fit the
existing door to meet all health and safety requirements
for about $150. We estimate the market for our door
technology is in the hundreds of millions of doors in the
United States alone. We also intend to market this
technology along with our existing product line
internationally and through the Internet."
Win-Door.com Inc. supplies windows, doors, building
materials, home improvement, do-it-yourself and
construction related merchandise over the Internet.
Win-Door.com Inc. is a subsidiary of Leah Industries Inc.
that will be distributed to the shareholders of Leah in a
spin-off. Shareholders of Leah will receive one (1) share
of Win-Door.com Inc. for every four (4) shares of Leah
Industries Inc. held as of the close of business on Feb.
26, 1999 (record date). Leah's stock will go ex-dividend
three days prior to that date, which is Feb. 23, 1999.
Certain statements contained herein are
"forward-looking statements" (as that term is defined in
the Private Securities Litigation Reform Act of 1995).
Because such statements include risks and
uncertainties, actual results may differ materially from
those expressed or implied by such forward-looking
statements. Factors that could cause results to differ
materially from those expressed or implied by such
forward-looking statements include, but are not limited
to, the estimated market for the door technology versus
the actual market.
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