Unbelievable! Acquisitions add $77 mil revenues, $1.11/share in earnings.
CHRONICLE COMMUNICATIONS FORMS CONGLOMERATE
"The new company is projecting revenues of $77,600,000 with net earnings of $16,550,000 or $1.11 per share fully diluted"
TAMPA, FLORIDA--OTC:BB (CRNC)‹Chronicle Communications Inc., CEO, John V. Whitman Jr., announced today that Chronicle has signed letters of intent to acquire three privately held companies when combined with Chronicle¹s existing businesses will have projected revenues of $77,600,000, with projected net earnings of $16,550,000 or $1.11 per share fully diluted and net tangible assets (unaudited) of $13,600,000.
"These acquisitions once completed will more than satisfy the
requirements for listing on a major exchange. We are extremely
pleased with the quality of assets represented by these acquisitions.
Chronicle will increase its net tangible assets by nearly 700%.
Revenues will increase over 1900%. These acquisitions represent a
quantum leap in share holder value and cement management's
commitment to build a company that is rock solid, with real revenue
and profits, measurable by historic standards, not tomorrow's hype,"
Whitman said.
Chronicle's existing operations and assets will be passed to it's Bright Now subsidiary making Chronicle a holding company for the roll ups described below. Chronicle will utilize its graphic designers,
copywriters, editors, and marketing professionals to serve as the
marketing company for all subsidiaries. Chronicle's Tampa printing
facility will continue to serve commercial print customers while
producing all in-house collateral materials for it's subsidiaries.
Chronicle will discontinue it's Georgia shopper division and relocate
the existing staff and its headquarters to Tampa.
Chronicle signed a letter of intent to acquire 100% of Frontline
Consulting Services Inc., a North Carolina corporation, for $2,500,000
in restricted common stock valued at $5.00 per share. FCS is a
integration services company serving the manufacturing, healthcare
and banking industries. FCS is engaged in providing contract software
development resources to companies needing on-site assistance,
internal software development, and year 2000 conversion products and
services. FCS supplies outside consultants to the information
technology (IT) industry and embedded systems for the manufacturing
and healthcare industries. The IT industry has an annual shortage of
over 300,000 technical and business analysts each year and that trend
is expected to continue. FCS is an IBM business partner which
supplies Y2K services, specifically AS/400, S/36, and S/38 conversion
services. FCS has historical profit margins that exceed 30% and
revenue projections for the twelve months after being acquired by
Chronicle of $8,500,000.
Chronicle signed a letter of intent to acquire 100% of Seminole Scrap
Corporation, a Florida corporation, for $35,000,000 in $5.00 stated
value voting convertible preferred shares of Chronicle
Communications. Seminole provides building demolition, building
tear-outs, environmental abatement and environmental site remediation
to commercial and governmental building owners as well as to the
chemical and petroleum industries. Seminole is engaged in several site
demolitions under contract which total $26,000,000 and within the
week is expected to sign an additional $34,000,000 in contracts for
demolitions and asbestos abatement. Each contract calls for a
guaranteed 20% net profit which will remain a policy of Seminole for
all future contracts.
Chronicle signed a letter of intent to acquire 100% of Florida Machine
& Welding Inc., for $8,000,000 in $5 stated value voting convertible
preferred shares of Chronicle Communications. FMW is engaged in
the business of refurbishing and marketing heavy equipment,
remanufacturing and rebuilding major components for the utility and
marine industries. Major customers include Florida Power and Light,
and Tampa Electric Company. FMW has over 43 acres of zoned
industrial/commercial land located in Polk County Florida and facilities encompassing over 35,000 sq ft under roof. FMW has over $5.6 million in net tangible assets, $5,000,000 in revenue and has been in business for over 22 consecutive years.
Chronicle Communications Inc., is a fully reporting, publicly traded
company quoted on the OTC Bulletin Board under the symbol of
"CRNC². The Company, founded in 1996 and now headquartered in
Tampa, Florida, is an acquisition company currently with its principal
business being commercial web-offset printing and specialty
publishing, and sales and marketing. Chronicle operates two
commercial web-offset printing plants in Central Florida. Complete
information including links to the SEC¹s EDGAR site can be found at
Chronicle¹s web site at www.chronicleinc.com/. Chronicle is
committed to expansion on the Internet and plans to announce its
Internet product line in mid March.
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