CRNC, going higher tomorrow! You do the math! This fresh off their web site!. Expect a PR first thing tomorrow morning!
$77,600,000 in projected earnings with net earnings of $16,550,000 or $1.11 per share fully diluted.
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 diluted2
TAMPA, FLORIDAÐOTC:BB (CRNC)ÐChronicle 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.
3These 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 management1s commitment to build a company that is
rock solid, with real revenue and profits, measurable by historic standards, not
tomorrow1s hype,2 Whitman said.
Chronicle1s existing operations and assets will be passed to it1s 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. Chronicle1s Tampa printing facility will
continue to serve commercial print customers while producing all in-house collateral
materials for it1s subsidiaries. Chronicle will discontinue it1s 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 3CRNC2. 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.
Special Note: The foregoing release contains forward looking
statements. There are a number of important factors which could cause
actual events to materially differ from those indicated by such forward
looking statements, including the availability of funding, results of
marketing efforts and general economic conditions, among others.
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