Viva International Discusses Status of Subsidiary Sales and Spin Outs/Offs
MIAMI--(BUSINESS WIRE)----Viva International, Inc. (OTCBB:VIVI) in response to a number of inquiries from its shareholders today issued a statement advising the current status of announced subsidiary sales and spin outs/offs.
The Company statement was as follows, "The Company has previously announced the sale and spin out/off: of its subsidiary C. T. Industries to Legends Group Holdings Corporation, of its subsidiary Universal Filtration Industries, Inc. to Carr Holdings, LLC and of its subsidiary Hardyston Distributors, Inc. (a/k/a The Mechanics Depot) to Vox Communications, Inc. The primary purpose of the sale or spins is to remove inactive subsidiaries to unrelated groups that desire to become public corporations. The sales and spin outs/offs also have the added benefit of removing liabilities from our consolidated financial statements inasmuch as the respective acquiring organizations have each agreed to the assumption of various levels of debts and liabilities."
Robert Scott, Chairman of Viva International, Inc., commented as follows on the preceding statement, "The most recent inquiries regarding the subsidiary sales and spins all seem to focus on the record date. To refresh our shareholders, the respective record date of the C. T. Industries transaction with Legends Group Holdings Corporation is August 13, 2004, for the Universal Filtrations Industries, Inc. transaction with Carr Holdings, LLC is November 20, 2004 and for the Hardyston Distributors, Inc. with Vox Communications, Inc. is March 15, 2005. Each of these transactions are designed so that the equity shares that are to be received in the newly merged or formed entity are subsequently distributed to our shareholders as a stock dividend."
Mr. Scott also added, "Each of these transactions are proceeding quite differently from one another. The procedure for the spins to actually become public traded companies takes several months and requires various applications and registrations. Accordingly, at present, the Carr Holdings, LLC is on schedule to be the first of the entities to complete this process. Vox Communications, Inc. should be the next. There is some concern that the Legends Group Holdings will not be able to complete the transaction as proposed. However, the principals of that group have in response to our corporate pressure assured us that they have an alternative plan for a related entity they control to take over the Legends agreement if necessary."
Viva announced shortly after Mr. Scott's comments that they would have Company representatives discussing this news release on International Broadcasting Corporation (OTCBB:IBCS) live at 12:00 p.m. on March 22, 2005. Access to this news coverage can be found at ibcradio.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended ("the Exchange Act"), and as such, may involve risks and uncertainties. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations, are generally identifiable by the use of words as "believe", "expect", "intend", "anticipate", "project", or other similar expressions. These forward-looking statements relate to, among other things, future performance, perceived opportunities in the market, and statements regarding the Company's mission and vision. The Company's actual results, performance, and achievements may differ materially from the results, performance, and achievements expressed or implied in such forward-looking statements. Further information on potential factors that could affect Viva International, Inc. is found in the Company's Form 10-K and other documents filed with the U. S. Securities and Exchange Commission.
Viva International, Inc. Robert J. Scott, 231-946-4343 or Nubuzz, Inc. Pier Bjorklund, 800-454-7912
03/21/2005 17:25 ET
© Business Wire 2003
Market Data 
Markets 
AI
