To: Ga Bard who wrote (1 ) 8/9/1998 7:23:00 PM From: Joe Copia Read Replies (1) | Respond to of 115
Gary is this the same "shipping company? Midland, Inc. in Negotiations to Acquire Shipping and Trading Companies From Noble House SA DENVER, Aug. 9 /PRNewswire/ -- Midland, Inc. (OTC Bulletin Board: MIDL - news) announces today that it has an Agreement in principal to acquire shipping and trading companies from Noble House SA. The first draft of the acquisition contract is being reviewed, with an anticipated closing on Tuesday, August 18, 1998 in Miami, Florida. The anticipated acquisition will bring both substantial audited assets and revenues into the company. Additionally, the company will, in the near future, hold a shareholders' meeting to vote on changing the company name and trading symbol. The outstanding issues concerning the Series Preferred ''A'' will be addressed at that time. An international trading business has tremendous growth potential, and the combination of international trading with the ability to ship the products sold should continued to enhance profits in the future. The net assets of Midland Inc., if closing occurs, will exceed $6.7 million and the major assets of Midland, Inc. will include vessels and port facilities. Audited revenues for 1996 were $20.5 million and audited revenues for 1997 were $26 million. Existing and anticipated revenues and profit margins will greatly benefit existing shareholders and should provide significant returns for new shareholders. Midland, Inc. plans to open operations in the United States, and to expand existing operations in Greece and Russia. The primary revenues will come from products bought and shipped from Eastern Bloc European countries and sold to Mediterranean and European countries. The acquisition will be accomplished through an exchange of Midland, Inc. shares for 100% ownership of the shipping and trading companies. Once this acquisition is closed a change in control of Midland, Inc. will take place with a new board of directors. Midland, Inc. is a fully reporting company and Noble House has already provided original verified audited financials through 1997. It is expected that additional news will be made available as soon as further developments are finalized.