NEWS
Chronicle Communications, Inc. To Become North American Demonstration Site For Foreign Printing Press Manufacturer
TAMPA, Fla., May 25 /PRNewswire/ -- John V. Whitman Jr., Chairman of Chronicle Communications, Inc. (OTC Bulletin Board: CRNC - news), announced today its Bright Now, Inc. subsidiary, d/b/a/ United Printing and Publishing, has signed a purchase agreement with Intercontinental Engineering Co., Inc., (IEC) a Michigan Corporation, for the delivery of a 16-unit, state-of-the-art, web- offset printing press valued at $2,400,000. IEC is the North American Distributor for the manufacturer, Raghbeer Machinery Private LTD of New Delhi, India. The purchase price includes financing terms assisted by the manufacturer. Purchase price and other financing details are not disclosed at this time. Technical specifications will be available on Chronicle's web site as well as progress photographs of the site improvements and installation. ''I couldn't be more pleased with this strategic alliance. United will increase its capacity 8-fold conservatively once the Raghbeer is operational. Plus we will enjoy the added attention from the manufacturer regarding training and maintenance. This installation will showcase many of the bells and whistles one can purchase from IEC for the Raghbeer, thereby allowing United to offer printing, binding and layout options rarely found in printing businesses competing in our current market and new markets we will compete in,'' Whitman stated.
Jack Kennedy, of IEC, stated, ''This is the first North American installation of a Raghbeer, 16 unit, FAST 300. We are pleased to announce that IEC has chosen Chronicle's United Printing and Publishing plant as our North American show place for this large capacity configuration. United has a proven ability to attract the sales necessary for a good demonstration site. Other considerations included the United facility's ample size and geographic location. We are very comfortable with Mr. David Kelly and his crew to host this type of configuration for us.''
David Kelly, Production Manager for United Printing and Publishing, stated, ''We have reached near capacity in our current market. Our current presses run 24 hours, five to seven days a week, printing 16 pages of process four-color or 48 pages of black at approximately 15,000 impressions per hour. The 'Raghbeer FAST 300' will increase our productivity on the top 10% of the current work being run on our presses and open up a whole new market to United Printing and Publishing. The Raghbeer systems, with sixteen units in one line, will allow United to print 64 pages of process four-color or 96 pages of black plus spot color and all combinations in between, trimmed, bound and auto stacked at speeds in excess of 30,000 impressions per hour before it even touches the human hand. Our current press lines will continue to serve our customer base where efficiency dictates. United Printing and Publishing's digital pre-press abilities together with the new press line can now effectively compete nationwide for larger, more profitable jobs.''
Chronicle Communications, Inc. is a fully reporting, publicly traded company quoted on the OTC Bulletin Board under the symbol of ''CRNC.'' The Company, founded in 1996 and headquartered in Tampa, Florida, operates a commercial web-offset printing plant in Tampa. Chronicle is the publisher of ''The Register,'' the only comprehensive directory of new home builders' inventory homes available in the greater Washington D.C. Metropolitan area. The Register is published 23 times per year with separate editions for Maryland and for Virginia. The company is expanding through capital improvements to its printing operations. Pender Newkirk & Company, CPAs are currently performing Chronicle's September 30, 1998 audit. Chronicle believes its 1998 10K will be filed in July. Chronicle expects to be current with all of its filings by the November, 1999 OTCBB eligibility phase-in. Complete information, including links to the SEC's EDGAR database, can be found at Chronicle's web site at chronicleinc.com.
Special Note: Management believes certain statements in this press release may constitute ''forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management's views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the company prior to its current fiscal year end, as well as from developments beyond the company's control, including changes in global economic conditions that may, among other things, affect the performance of the company's printing and publishing business, anticipated acquisitions or future business. In addition, changes in domestic competitive and economic conditions may also affect performance of all significant company businesses.
SOURCE: Chronicle Communications, Inc. |
