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Microcap & Penny Stocks : PKGP (Packaging Plus) -- Ignore unavailable to you. Want to Upgrade?

To: Danimal who wrote (164)	3/17/1998 1:27:00 PM
From: S. Southern	Read Replies (1) \| Respond to of 4783

PKGP to Purchase Vallerie Assets for Addition to Other Proposed Transportation Acquisitions After Court Orders Liquidation of Vallerie PR Newswire - March 17, 1998 13:17 PKGP %TRN %TNM %BCY V%PRN P%PRN Jump to first matched term PLAINVIEW, N.Y., March 17 /PRNewswire/ -- Packaging Plus Services, Inc. (OTC Bulletin Board: PKGP) announced that the U.S. Bankruptcy Court determined at a hearing yesterday to liquidate Vallerie's Transportation rather than sell it as a going concern. The only bidder other than PKGP, Red Star, would purchase customer lists of Vallerie and the Debtor would retain the assets for sale. PKGP is working with Vallerie management to purchase the assets and establish a new company. The acquisition costs would be less than the full purchase price of $4 million, which PKGP was willing to pay for the Vallerie concern. This would enable PKGP to continue with its original plan for Vallerie which was to add the new company to other transportation transactions it is presently negotiating, having a total value in excess of $500 million. The liquidation causes the loss of 100 non-union jobs. Mr. Richard Altomare testified at the hearing for the continuance of Vallerie's as a going concern. "The company is undaunted by the action of the Court. Although we feel the human element was ignored, we will not allow this to change our established goals for the benefit of PKGP stockholders," said Altomare. PKGP's other subsidiaries are the Association of Packagers and Carriers, Inc. (APAC), a nationwide association of independent postal centers. The association provides access to business services and logistically convenient and cost effective delivery of goods worldwide. Packaging Plus' other subsidiaries are engaged in advertising, logistical services and concierge services. SOURCE Packaging Plus Services, Inc. /CONTACT: Barbara Halpern, Investor Relations of Packaging Plus Services, 516-349-1300/ (PKGP)