TORONTO, April 24 /PRNewswire/ -- Treasury International, Inc. (OTC Bulletin Board: TREY) announced today that it has signed a letter of intent to acquire a manufacturer/exporter of diversified plastic products in the food, pharmaceutical and health & beauty industries (the "proposed subsidiary"). This acquisition is expected to be completed in the second quarter of 1996.
Based in Ontario, Canada, this proposed subsidiary has achieved profitability and growth, with 1995 sales of US$5,570,000 (unaudited) and projected sales of US$7,500,000 for 1996. The proposed subsidiary would be acquired for a total purchase price of US$2,600,000, financed by a combination of cash and the issuance of a promissory note payable over three years. Treasury International intends to retain certain members of the existing management and certain employees, and to continue operations at the acquisition's present facilities. Completion of this transaction is subject to the satisfactory completion of the Company's due diligence review, securing financing and obtaining all requisite regulatory approvals, including the approval of its Board of Directors.
This represents the second planned acquisition for the Company to date, and is part of Treasury International, Inc.'s aggressive expansion strategy to establish itself as an industry leader in the international distribution of consumer and industrial products. "We feel this acquisition will significantly increase Treasury International's global customer base, and expand its already diversified product lines," said James Hal, Chairman and Chief Executive Officer.
Treasury International, Inc. is an import-export company primarily engaged in the distribution and marketing of consumer products to South America, Africa and other targeted emerging markets, at competitive prices. The Company operates as a representative and distributor for numerous consumer and industrial products to major third world countries. Treasury International, Inc. offers clients custom-tailored services by combining and integrating product packaging, private labeling, warehousing facilities, national/international marketing networks and a specialized team of multi-lingual sales representatives.
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/CONTACT: Monica Park or Richard Margulies, Vice President Financial Public Relations, of Creative Media International, Inc., 908-225-1234, fax: 908-225-1230, or Email: NYCMI@AOL.com /
/Information is available via the CMI Corporate News Network Information Retrieval System, 800-775-7583, or on the Internet: http://www.prnewswire.com/cmicnn /
(TREY)
CO: Treasury International, Inc. ST: Ontario IN: REA HOU SU: TNM
AS-HD -- NYW088 -- 5041 04/24/96 11:44 EDT
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