finally some good news(maybe):
Thursday March 6 10:53 AM EDT
Saratoga Brands expects to complete Global Auto acquisition within 10
business days
LAKEWOOD, N.J.--(BUSINESS WIRE)--March 6, 1997-- Saratoga Brands Inc Thursday said that its previously
announced acquisition of Global Auto Group Inc., originally anticipated to be completed within 30 days of its announcement
on Feb. 6, is now expected to close within the next 10 business days.
Global Auto Group is a company engaged in the retail auto business, including operation of new car dealerships, previously
owned vehicles, auto parts distribution and car rental. Based in New York, Global had revenues in excess of $25 million for its
fiscal year ended Dec. 31, 1996, and is profitable.
Saratoga Brands also announced that it plans to file with the Securities and Exchange Commission within the next five business
days the Form 10 related to its previously announced distribution of 100 percent of the common stock of Mobile Caterers Inc.
(Deli King Inc. and JR's Delis Inc.) to Saratoga Brands shareholders.
Saratoga Brands, through its Mobile Caterers subsidiary, provides catering services and food distribution to more than 900
convenience stores and retail outlets in the southern New England states. Its Cucina Classica Italiana subsidiary imports and
produces under license Italian specialty cheeses and other premium specialty foods, including world-renowned brands from
Egidio Galbani S.p.A.
Except for the historical information contained herein, the matters discussed in this news release are forward looking statements
that involve risks and uncertainties. The forward looking statements in this release are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of
factors, including without limitation the presence of competitors with broader product lines and greater financial resources;
intellectual property rights and litigation; needs for liquidity; and the other risks detailed from time to time in the company's
reports filed with the Securities and Exchange Commission.
CONTACT: CommLink Associates Inc.
800/995-4540 |
