I know the competition is well underway and so many prestigious awards have already been bestowed on the SI dignitary's...|
But consider this last minute entry, its price is around .08 and they are going to be a $100,000,000 company soon... real soon they promise <g>
Tuesday August 25, 8:32 am Eastern Time
Company Press Release
Western Oil & Tire Distributors, Inc. Finalizes Merger Transaction With Knightsbridge Corporation.
Change in Corporate Name and Management
KIRKLAND, Wash. --(BUSINESS WIRE)--Aug. 25, 1998-- Under the Agreement and Plan of Merger dated July 24, 1998 the corporate name ''Knightsbridge Corporation'' (''KBDG'') was changed to Western Oil & Tire Distributors, Inc. (''WOTD'').
Certain officers and directors of the Company resigned their positions and were succeeded by the appointment of WOTD management team members. Currently, the Board of Directors and Officers of the company are as follow:
Patrick F. Charles, president/CEO, chairman of the board
Terrence K. Picken, executive vice president/COO, director
Samuel H. Eisenberg, director, senior executive, Portfolio Investments Strategies, Inc. N.Y.
Harold Peter Capozzi, director, former chairman, president and CEO of Knightsbridge Corp.
The Company thanks John Thornton and Byron Cox for their past services as officers and directors and Herb Capozzi for his past service as chief executive officer and chairman and for his continuing support as a director of the Company.
Executive offices of the Company have been relocated to the Seattle area at 8756 122nd Avenue NE, Kirkland, Wash. 98033.
Status of Acquisitions
The Company is actively involved in negotiations with 15 business acquisition possibilities located in Western United States and Canada. One tire business acquisition ($3 million revenue) is under contract with an anticipated closing within the next 60 to 90 days. The Company's goal is to close 4 to 6 acquisitions representing a revenue base of $100 million or more by December 1999.
Prior to its merger with KBDG, WOTD raised approximately $460,000 in long-term debt financing. An additional $150,000 was secured in conjunction with the merger agreement under a $1 million private placement of the Company's convertible debentures. The balance of the commitment ($850,000) is expected to be finalized within the next 6 to 8 weeks. The Company's plan is to raise additional capital through private placement or public offering of the Company's securities.
The trading symbol for the Company is ''WOTD'' replacing the ''KBDGD'' symbol which followed the reverse stock split of 1 for 4 approved by KBDG's Board as of July 24, 1998.
This release contains forward-looking statements with respect to the results of operations and business of Western Oil & Tire Distributors, Inc. that involve risks and uncertainties. The Company's actual future results could materially differ from those discussed. Risks and uncertainties of the Company will be detailed from time to time in the Company's periodic reports.