PMCL, news, right on the money Toshac, as usual. RIDGEWATER, N.J., Jan 11, 2001 /PRNewswire via COMTEX/ -- Premier Classic Art, Inc. (OTC Bulletin Board: PMCL) announced today that it has signed a letter of intent to acquire and/or merge with two related private entities, one of which is the largest investor in a Small Business Investment Company, licensed by the Small Business Administration. The Small Business Investment Company has net assets in excess of $5,000,000 and is approximately 69% owned by the two entities.
Upon completion of the merger, the shareholders of Premier will own a minimum of 10% of the combined company on a fully diluted basis, which percentage can increase based upon the performance of the merged companies; and, upon the effectiveness of a registration statement to be filed with the Securities and Exchange Commission, Premier will distribute to its current shareholders, shares of a new company, that will retain the majority of the current Premier assets and assume all of its liabilities. The merger is contingent upon completion of due diligence and approval of the Small Business Administration, among other things.
The Company terminated its previously announced agreement to merge with Admiralty Corporation.
This release contains forward-looking statements. Many factors and conditions could cause actual results to differ from the forward-looking information contained in this release. The Company undertakes no obligation to revise any forward-looking statements as a result of future events or developments.
SOURCE Premier Classic Arts, Inc.
CONTACT: Charles F. Trapp, President, Premier Classic Arts, Inc., 908-526-7388
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