Sports Resorts International, Inc. Receives Clearance From Securities and Exchange Commission to Commence New Tender Offer
March 01 2006 - 8:00AM
PR Newswire (US)
OWOSSO, Mich., March 1 /PRNewswire-FirstCall/ -- Sports Resorts
International, Inc. (the "Company") (NASDAQ:SPRI) today announced
that it has received clearance from the Securities and Exchange
Commission ("SEC") to commence an offer to purchase any and all of
the Company's outstanding shares of $0.01 par value common stock at
$1.00 per share, effective March 1, 2006. The offer is subject to
the conditions as set forth in the Company's Offer to Purchase for
Cash (the "Offer"). The Offer expires at 5:00 P.M. Eastern Time on
March 29, 2006, unless extended. Though the Offer is being made to
all shareholders, Donald J. Williamson and his wife and children,
who together beneficially own 98 percent of the Company's aggregate
outstanding stock, have advised the Company that they do not intend
to tender any of the shares held by them. Following completion of
the Offer, the Company intends to delist its shares from the Nasdaq
Smallcap Market, terminate the registration of its shares under the
Securities Exchange Act of 1934, and cause the Company to become a
private company. Previously, on September 21, 2005 the Company had
initiated a Tender Offer with the same terms and conditions, which
was scheduled to end on October 21, 2005. The Company was notified
by the SEC that the information supplied to shareholders was not
complete and the offer would need to be terminated. On October 28,
2005, the Company announced that it had terminated the Offer and
that all shares were being returned to the shareholders. Currently,
the Company through its wholly-owned subsidiaries, manufacturers
and markets high-quality drop-in bedliners and other truck
accessories for the original equipment manufacturers and automotive
aftermarket business and owns and operates a multi-purpose
motor-sports facility located near Brainerd, Minn. Certain
statements included in this press release are "forward-looking"
statements, such as those relating to anticipated events or
activities. The Company's performance and financial results could
differ materially from those reflected in the forward-looking
statements due to financial, economic, regulatory and political
factors as described in the Company's filings with the Securities
and Exchange Commission. Therefore, current or prospective
investors are cautioned not to place undue reliance on any such
forward- looking statements. The Company does not undertake any
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information or future
events. DATASOURCE: Sports Resorts International, Inc. CONTACT:
Greg Strzynski of Sports Resorts International, Inc.,
+1-989-725-8354
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