Oh, by the way, Little Engine, in Post #118, you said...
Funny, I see nothing in their release regarding pooling of interests... guess KWIN never heard of it.
But here is the part of the PR from Aug 24 that pretty clearly states the pooling of interests...
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KENWICK INDUSTRIES COMPLETES ACQUISITION OF TWO PROFITABLE
Business Wire
Aug 24 1998 11:12AM ET
Companies; Deals to Add Over $4.5 Million in Annual Revenues to Kenwick
Business Editors
FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--August 24, 1998--Kenwick Industries, Inc. (OTC BB:KWIN) announced today they have completed the acquisition of Automax USA and Automax Finance, Inc. one week ahead of schedule.
Kenwick Industries agreed to pay a total of 1 million shares of restricted Kenwick stock for both the dealership and finance companies combined in the "stock only" tax-free transaction. These acquisitions signify a pooling of interests and increase Kenwick's annual revenues by over $4.5 Million. Additionally, these acquisitions are accretive to earnings and share value.
Kenwick is also pleased to announce that the original 1998 earnings (EBIT) projection of $1.2 Million provided by Automax should be
exceeded by a considerable margin. Automax, Inc.'s accounting department has presented an earnings report to Kenwick's
accountants showing unaudited six-month earnings of $905,000 (EBIT) through June 1998.
This earnings rate, projected over the remainder of 1998, would add approximately $.46 per share to Kenwick's pre-tax earnings.
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