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Tucked some away @ $2.75 today after I read the news and after I DD the 10q. They have an OS of only 228K with 207 record holders and insiders owning 52%. Do the math. Walker International Industries Announces the Acquisitions of American DataSource, Inc. and National Preplanning, Inc. GARDEN CITY, N.Y.--(BUSINESS WIRE)--March 21, 2002--Walker International Industries (WINT) is pleased to announce that it has acquired American DataSource, Inc. and National Preplanning, Inc. American DataSource, Inc. is a leader in the administration of prearranged death care dollars placed in trust and currently administers over two hundred million dollars. National Preplanning is a managing general insurance agency and third party marketer of prearranged death care services to corporations, unions and affinity groups. The prearrangement of death care is a multi-billion dollar annual business. Both American DataSource and National Preplanning provide outsource services to the financial services sector of the death care industry enabling conglomerate and independently owned funeral homes to concentrate on operations. National Preplanning has significant marketing expertise and relationships in the prearrangement of death care market. The Whitmore Group, Ltd., the largest insurance agency serving the death care industry in the property and casualty arena, with over two thousand five hundred funeral home clients, is a minority shareholder of National Preplanning, Inc. Walker International will now concentrate on the growth opportunities existing as an outsource services company in the death care industry. Through the relationships that Mr. Mitchell Segal, founder and CEO of National Preplanning and Mr. James Lucas, a thirty year death care professional and sole shareholder of American DataSource have, Walker will seek to penetrate the industry increasing revenues through insurance commissions, trust administration fees and other fee based income. Mr. Peter Walker, Chairman of Walker stated " I am very excited about the growth opportunities which emerge from the company's acquisitions and am excited to work to increase shareholder value. Mr. Segal, CEO of National Preplanning stated "I am extremely proud that our organization and American DataSource are now part of Walker International's exciting growth plans. The prearrangement of death care is primarily funded either through the purchase of a pre-need insurance policy or by placing monies into trust. The acquisition of National Preplanning and American DataSource will enable Walker to be one of the few companies to offer both insurance and trust capabilities within our industry. We believe that this will enable us to achieve accretive revenue and income from our existing clients. Mr. Lucas, Chairman of American DataSource stated "I share the same vision as Mr. Walker and Mr. Segal to grow Walker into a leader in the death care industry by providing pre-need services such as trust administration, third party marketing and technology. Mr. Lucas has become Chairman of Walker and Mr. Segal has become President and Chief Executive Officer. Both Mr. Segal and Mr. Lucas have also joined the Board of Directors of Walker. About Walker International Industries, Inc. Walker International Industries, Inc., is a Delaware corporation whose common stock trades on the OTC Bulletin board under the symbol "WINT". Prior to the acquisitions described above, the Company's primary business was film processing accomplished through its subsidiary Kelly Color Laboratories, Inc. which is based in North Carolina. Kelly Color processes photographs, generally for professional photographers, principally through mail orders. About American DataSource Inc.: American DataSource, Inc., founded in 1984, is a Delaware corporation engaged in the business of providing a complete line of administrative services for pre-need funeral and cemetery trust accounts. American DataSource's customers include independent funeral homes, state master trusts and large and small corporations that own funeral homes, cemeteries or a combination thereof. Currently the company administers approximately two hundred million dollars of pre-need trust assets. American DataSource was sold to current management over two years ago and adopted a business plan of providing independent and national funeral home operators with personnel, computer systems and regulatory expertise to properly administer pre-need trust funds. About National Preplanning, Inc.: National Preplanning, Inc. is a Delaware corporation active in the sale of prearranged death care services. Its efforts are focused in marketing prearrangements as a voluntary benefit to captive audiences such as corporations, unions and affinity groups. National Preplanning has received the exclusive endorsement of the International Order of the Golden Rule, the largest association of independent funeral homes with over one thousand two hundred members as its Preferred Supplier for technology to enable its members to secure prearrangements through various technological mediums including the internet. National Preplanning's infrastructure provides the ability to earn revenues when a prearrangement is funded. Prearrangements act to protect the future price of a death care arrangement to be performed in the future and is generally funded through either a pre-need insurance policy or by placing monies in trust. National Preplanning, through its licensed subsidiary, NPI Agency, Inc. earns insurance commissions on prearrangements funded through insurance. The information provided for in this Press Release contains forward looking statements that involve risks and uncertainties more fully set forth in the company's filing. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward looking statements. Certain information included in this press release contain statements that are forward looking, such as statements relating to plans for future activities. Such forward looking information involves risks and uncertainties that could affect performance and results of the Company in the future and, accordingly, such performance and results may materially differ from those expressed or implied in any forward looking statements made by or on behalf of the Company. These risks and uncertainties include, but are not limited to those relating to the Company's growth strategy, customer concentration, outstanding indebtedness, seasonality, expansion and other activities of competitors, changes in federal or state laws and the administration of such laws, protection of trademarks and other proprietary rights, and the general condition of the economy and its effects on the securities markets and other risks detailed in the company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward looking statements which speak only as of the date the statement was made. Statements made in this Press Release that are not historical facts are forward looking statements that are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995, the company's actual results could differ significantly from those discussed and/or implied herein. CONTACT: Walker International Industries, Inc., Garden City Mitchell Segal, 516/746-4141 x 239 | ||||||||||||||
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