Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : HOT STOCKS 100% 200% 300% profits possible short term -- Ignore unavailable to you. Want to Upgrade?

To: Mackie who wrote (219)	3/31/1998 11:22:00 AM
From: Joseph Strohsahl	Respond to of 2038

Tuesday March 31, 10:08 am Eastern Time Company Press Release Viking Resources International Inc. Addresses Acquisition Delay TAMPA, Fla.--(BUSINESS WIRE)--March 31, 1998--Viking Resources International Inc. (OTC.BB:VIKG) Chairman/CEO, Gerald L. Kuhr, confirmed Tuesday that although Viking has been delayed on its acquisition of the environmental division of a major European company, the delay does not hamper the planned acquisition. Kuhr offers positive assurance to Viking's shareholders and investors that the acquisition itself remains on firm footing. ''The acquisition as structured is based on a definitive agreement and we expect to consummate this deal as announced,'' stated Kuhr. ''The delay has been due to unexpected requirements from our financial partner. We have been addressing those requirements while keeping the best interests of Viking, its shareholders and investors as our first priority.'' Full disclosure of the details of this acquisition cannot be announced until all aspects of this complex transaction have been satisfied, however, the $131 million planned acquisition is based upon a Leveraged Buy Out (LBO), with a financial group providing the cash portion of the deal. The balance of the purchase price will be paid by a note over a seven year period. The funding agreement provides for a percentage of the net earnings of one of the facilities being acquired to be paid to the financial partner with a buy out provision held by Viking. The division's prepaid operating contracts required a matching performance bond which has been successfully secured through Viking's financial partner. This acquisition is expected to add over $200.0 million in annual revenues to Viking with estimated earnings in the first 12 months of between $.25 to $.30 per share. The division includes multiple owned facilities and operating contracts in Germany, France, Norway, Sweden, Japan and the U.S. Gerald Kuhr stated: ''As we have previously announced, this is a major acquisition in our overall goal of building Viking into a profitable global recycling and environmental company and will allow us to propel the operations of the company forward resulting in greatly enhanced shareholder value. We expect to be able to increase the division's revenue and profit by maximizing production and streamlining operations. In addition, this acquisition will allow us to further accelerate our goal of listing on NASDAQ or the American Stock Exchange. Although we know our shareholders are disappointed in the delay, we intend to resolve these unexpected changes and complete this acquisition as quickly as possible.'' While working out the requirements of this acquisition and gearing up for the final announcement, management has been actively moving forward with other pending acquisitions and related business. The company anticipates release of information as transactions are concluded. Viking Resources International Inc. is a holding company with a primary focus of expansion through development and acquisition in the environmental and recycling industry in the U.S. and internationally. Except for the historical information presented, the matters discussed in this release are forward looking statements and are subject to risks and uncertainties that could cause actual results to differ materially. Contact: Investor Relations, 800/777-0264 or 800/913-9767