Chronicle Communications Releases More Information on Proposed Acquisitions
PR Newswire - March 15, 1999 07:16
TAMPA, Fla., March 15 /PRNewswire/ -- (OTC Bulletin Board: CRNC) -- Chronicle Communications Inc., CEO, John V. Whitman Jr., announced today that Chronicle has filed its current report on Form 8K with the Securities and Exchange Commission. The Form 8K details terms of the binding letters of intent for three acquisitions announced March 3, 1999 together with other materially significant events. The 8K includes the binding letters of intent in their entirety as exhibits. The Form 8K current report can be obtained through the "Investor Info" page at Chronicle's web-site www.chronicleinc.com or requested from the company.
John V. Whitman, Jr. stated, "Seminole Scrap will benefit greatly from the accessibility of heavy equipment and expertise of Florida Machinery and Welding, Inc. Equipment procurement and maintenance is a significant operating expense of Seminole Scrap Corporation. We expect all subsidiaries to benefit from Frontline Consulting Services and its Business Partner status with IBM, particularly the engineering departments of Seminole Scrap Corporation and Florida Machine and Welding, Inc. and the Digital Pre-Press Department of United Printing and Publishing. Bright Now, Inc. d/b/a/ United Printing and Publishing will provide marketing for all subsidiaries in a variety of media from the creative stage to distribution. Chronicle Communications, Inc., the parent company, will provide accounting services, SEC compliance, exchange and investor relations, human resource management, and financial services for the company and subsidiaries."
Norman Birmingham, Sr., Vice President of Seminole Scrap stated, "We are very pleased to be associated Chronicle Communication, Inc. We can direct more of our resources to obtaining and fulfilling contracts now with the economies of scale afforded by the holding company concept. We look forward to a swift closing as soon as possible."
Don Harrison, President of Florida Machine and Welding stated, "We are committed to this transaction and are eager to close. Our business will be enhanced by the acquisition by Chronicle Communications, Inc. and our new affiliates."
Bruce Moses, President of Frontline Consulting Services stated, "We are excited about becoming part of Chronicle Communications, Inc. We look forward to helping these companies into the new millennium."
Effective February 26, 1999, Chronicle has relocated its principal executive offices to the executive offices of its primary subsidiary, Bright Now, Inc., d/b/a United Printing and Publishing, which are located at 2601 Second Avenue, Tampa, Florida 33605. In connection with such relocation, Chronicle has terminated the publication of The South Georgia Shopper, the Registrant's only remaining shopper product in the South Georgia market which served primarily Thomasville and several surrounding counties, and closed its operations in Cairo, Georgia.
In an unrelated matter, effective March 8, 1999, Chronicle ceased operating Sun N' Fun Printing in Clearwater, Florida and withdrew its offer to acquire its assets. Instead the company will make capital improvements at its United Printing and Publishing facility to accomplish web heat set printing and binding.
Chronicle Communications Inc., is a fully reporting, publicly traded company quoted on the OTC Bulletin Board under the symbol of "CRNC." 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. Complete information including links to the SEC's EDGAR site can be found at Chronicle's web site at www.chronicleinc.com.
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.
SOURCE Chronicle Communications, Inc.
/CONTACT: John V. Whitman, Jr., CEO-Chairman of Chronicle Communications,
813-248-0100/
/Web site: chronicleinc.com
(CRNC)
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