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Microcap & Penny Stocks : Samuels Jewelers (SMJW) -- Ignore unavailable to you. Want to Upgrade?

To: leigh aulper who wrote (23)	10/20/1999 1:02:00 PM
From: leigh aulper	Read Replies (1) \| Respond to of 29

Samuels Jewelers Inc. Announces Agreement AUSTIN, Texas--(BUSINESS WIRE)--Oct. 20, 1999--Samuels Jewelers Inc. (OTC BB:SMJW) announced today that it has reached agreement to purchase the assets of C & H Rauch of Lexington, Ky. C & H Rauch operates 40 retail jewelry locations in 5 states: Kentucky, Ohio, Indiana, West Virginia and Virginia. 20 of the stores are in regional malls and the other 20 are generally in strip shopping centers in mid-size and rural communities. The acquisition is subject to completion of due diligence and certain approvals. It is expected to close on or about Nov. 1, 1999. Randy N. McCullough, President and Chief Executive Officer of the Company said, "With this acquisition, Samuels enters Kentucky as one of, if not the most, dominant jeweler in the state." McCullough continues, "C & H Rauch has served their markets since 1887. Their managers are deeply rooted in their communities and the stores are recognized by generations of customers for delivering value, particularly in their home state. I look forward to working with them to build on this reputation." Additionally, the acquisition will increase the presence of the Samuels name in certain key Midwestern states. Commenting on the impact of the transaction, McCullough stated, "This transaction should be immediately accretive to earnings. The timing, which is just before the all important Christmas selling season, where most of the company's profits are generated is one key. We also feel confident that bringing Samuels' merchandising and marketing strengths to these stores will generate an increase in revenues and that our infrastructure efficiencies will result in significant cost savings. "Although there is much to accomplish in the next several days to determine precisely what changes will be made and in what time frame, our management teams have already made significant strides and we all look forward to the potential of this marriage of talents."