YSCO: .06x.07, the possible rebirth of Yes Clothing
Yes Clothing Company (YSCO)
03/15/2000 shares:
Outstanding: 12,786,492
Float: 6,303,244 (assumption)
It appears that the long rumored rebirth of Yes Clothing may
happen after all. Edgar filings show proof they could be
putting together a company that has the potential of producing
several hundred million dollars in revenues of Yes Jeans
annually.
The facts are centered around Newbridge Capital, Inc., which
trades on the OTCBB as NBRG. NBRG controls YSCO and recently
made a tender offer to acquire a clothing manufacturer with
annual revenues of over $200 million. By combining the two
entities, YSCO could possibly emerge as global clothing
manufacturer and marketer.
- NBRG owns controlling interest in YSCO.
- Fred G. Luke, President of NBRG, is also President YSCO.
- NBRG is also known as NuVen Advisors and Scientific NRG in the
YSCO SEC filings.
- NBRG owns YSCO's principal trademarks: YES Clothing Co.(R) YES(R),
YES Men(R), YES Kids(R) and YES Jeans(R).
- 02/26/2000: Rick Weed registered the web site for
www.YesClothing.Com. Mr. Weed is mentioned in both NBRG & YSCO
SEC filings and has the same address as NBRG.
- 04/10/2000: YSCO files their first SEC filing in almost two years
keeping the company SEC compliant.
- 05/04/2000: NBRB files a Tender Offer to acquire 51% of Chic By
H.I.S Inc., the manufacturer and marketer of Chic Jeans, with
revenues of $237,983,000 for the year ended 11/06/1999.
History of Chic By H.I.S. Inc. (JNSC)
-------------------------------------
JNSC was de-listed from the NYS on 03/09/2000 to the OTC Pink Sheets.
They should be re-listed soon on the OTCBB per the 05/01/2000 OTCBB
Anticipated Addition list. They trade in the Pink Sheets under the
symbol JNSC at the current price (05/05/2000) of $.0625 per share.
NBRG's tender offer equates to about $.3125 per share - about a 400%
premium above the current price. The offer price was calculated by
taking the last traded price of NBRG ($3.75 as of 05/05/2000) and
dividing it by 12 (they are offering 1 NBRG share for 12 JNSC shares).
So why is the price of JNSC stock at $.0625 per share? Currently they
no longer have a marketing label. Having financial problems, they sold
the global trademark rights of the CHIC and H.I.S. brand names to VH
Corporation, the world's largest apparel company. So what does JNSC
have left to offer NBRG and YSCO? It appears from the SEC filings that
they still own their manufacturing facilities. Here is a direct quote
from the JNSC CEO on the sale of the Chic label:
"These transactions (sale of Chic & H.I.S. labels) will provide the
company (JNSC) with much needed capital and allow us to move forward
as a quality manufacturer for private label customers utilizing our
state-of-the-art facilities in Mexico."
Also, from the 11/06/1999 10K:
The Company has engaged an investment banker to assist in structuring
a transaction to sell selected assets of the Company to enable the
Company to focus on its strategic objective - utilizing its Mexican
manufacturing facilities to maximize shareholder value and profitability
JNSC has much more than just a manufacturing facility. They also have
extensive experience in market clothing. Here are several excerpts
from the 11/06/1999 10K:
- During fiscal 1999, the Company sold its products to more than 1,000
retailers, which the Company believes, operate over 7,000 stores in
the United States.
- The Company also started to sell merchandise in the Canadian market.
- Most of the Company's sales in fiscal 1999 were made to mass
merchandisers and the remainder was made primarily to department and
specialty stores. Sales of the CHIC and H.I.S product lines to the
Company's two largest accounts, K-mart Corporation and Target (a
division of Dayton Hudson
- The Company also markets similar apparel in Europe, primarily in Germany.
- Sales are made primarily through the Company's full-time sales force
and also through showrooms and trade shows, with an emphasis on selling
to mass merchandisers. The Company has a direct sales force, which
includes individuals located in the Company's New York City showroom as
well as showrooms in Chicago, Dallas and other locations.
- Each salesperson is equipped with a personal computer that has a direct
satellite linkup with the mainframe located in the Company's executive
offices, which allows each salesperson to access readily various types
of information such as product availability.
- The Company advertises its products nationwide through television and
print media.
- The Company's in-house merchandising department develops jeans and
casual pants product lines, including the pricing and packaging for
each line.
- In recent years, European sales have expanded beyond Germany, Austria
and Switzerland into surrounding countries, including Poland, the Czech
Republic, Slovakia, Belgium, Luxembourg and the Netherlands.
CONTACTS
--------
Chic By H.I.S., Inc.: Stephen Goldstein (212) 302-6400 ext. 210
NewBridge Capital Inc.: Jonathan Small, 949/833-2094 (ext. 723)
SEC filings for Newbridge Capital, Inc (Scientific NRG)
-------------------------------------------------------
freeedgar.com
SEC filings for Yes Clothing, Inc
----------------------------------
freeedgar.com
SEC filings for Chic By H.I.S., Inc
------------------------------------
freeedgar.com
JNSC BACKLOG AS OF 11/06/1999:
------------------------------
The Company's backlog consists of confirmed purchase contracts. At
November 6, 1999, the Company had unfilled customer orders of
approximately $88.2 million of merchandise, of which approximately
$54.8 million were for domestic orders and approximately $33.4 million
(based on the exchange rate for the deutsche mark on November 6, 1999)
were for European orders.
YSCO's Chapter 11 petition dismissed by the Bankruptcy Court (03/11/1998)
-------------------------------------------------------------------------
freeedgar.com
NewBridge Capital, Inc. offer to buy Chic by H.I.S., Inc. (JNSC)
----------------------------------------------------------------
freeedgar.com
biz.yahoo.com
Chic By H.I.S. Inc to be listed on OTCBB
----------------------------------------
OTCBB Anticipated Addition 5/1/20000
13:46 JNSC** Chic By H.I.S. Inc
otcbb.com
Chic by H.I.S., Inc. sells Chic label to VF Corporation
-------------------------------------------------------
biz.yahoo.com
Chic Jeans being re-launched with multi-million $ ad campaign
-------------------------------------------------------------
chicjeans.com
3/17/2000 Chic By H.I.S., Inc. de-listed from NYSE
--------------------------------------------------
www.NYSE.Com
NEW YORK, March 9, 2000 -- The New York Stock Exchange announced today
that trading in the common stock of Chic By H.I.S., Inc. (the
"Company")-- ticker symbol JNS -- will be suspended prior to the
opening on Friday, March 17, 2000, or such earlier date as i) the
Company commences trading in another securities marketplace or ii)
the Company makes a material adverse news announcement. Following
suspension, application will be made to the Securities and Exchange
Commission to delist the issue. The Company currently expects to trade
on the Pink Sheets upon suspension.
YSCO Share Holders
------------------
Georges Marciano Trust 2,700,000 21%
NewBridge Capital, Inc. 3,514,693 27%
Cede & Co. 6,303,244 49%
NOTE: I own stock in both YSCO and JNSC. This information is base on
my assumptions, SEC reports, and news releases. I have not been
able to contact management to confirm any of these assumptions.
This is not a recommendation to buy YSCO or JNSC. Please do
your own DD (Due Diligence). |
