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Tasco -- Bankrupt?
BT99
Member Posts: 1,043 ✭
Stopped in the local gunshop today and the owner was telling me that
Tasco declared bankruptsey. Anyone else hear anything about this?
Tasco declared bankruptsey. Anyone else hear anything about this?
Comments
IRVINE, Calif.--(BUSINESS WIRE)--May 29, 2002--Meade Instruments Corp. (Nasdaq:MEAD) today confirmed that it had recently explored the feasibility of acquiring certain of the assets of Tasco Worldwide, Inc., a distributor of telescopes, recreational binoculars, and rifle/pistol scopes, and Celestron International, Inc., a manufacturer and distributor of telescopes and binoculars. No agreement was reached with either Tasco or Celestron and negotiations ceased several weeks ago.
The Company cooperated with the Federal Trade Commission in its inquiry into Meade's interest in acquiring all or some of the assets of Celestron. Today, the FTC authorized its staff to seek a court order prohibiting the Company from acquiring any stock or assets of Celestron should Meade renew its interest in making such an acquisition. The FTC took no similar action with respect to Tasco.
It is reported that Tasco and Celestron have initiated liquidation proceedings pursuant to which their respective assets have been assigned to a trustee. Such an assignment for the benefit of creditors can serve as an alternative to a voluntary Chapter 7 petition for bankruptcy.
The Company remains interested in acquiring certain of the assets of Tasco, but has entered into no agreement to do so.
Meade is a leading designer and manufacturer of optical products including telescopes and accessories for the beginning to serious amateur astronomer. Meade also offers a complete line of binoculars that address the needs of everyone from the casual viewer to the serious sporting or birding observer. The Company distributes its products worldwide through a network of specialty retailers, mass merchandisers and foreign distributors. Additional information is available at www.meade.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This news release may contain comments and forward-looking statements based on current plans, exceptions, events, and financial and industry trends that may affect the Company's future operating results and financial position. Such statements, including statements regarding the Company's interest in acquiring certain of the assets of Tasco Worldwide, Inc., involve risks and uncertainties which cannot be predicted or quantified and which may cause future activities and results of operations to differ materially from those that may be discussed above. Such risks and uncertainties include, without limitation: any significant decline in general economic conditions; any general decline in demand for medical imaging systems; inherent uncertainties concerning the introduction of a new product and the acceptance of a new medical imaging modality, as well as the other risks and uncertainties previously set forth in the Company's filings with the Securities and Exchange Commission. The historical results achieved are not necessarily indicative of future prospects of the Company. For additional information, refer to the Company's filings with the Securities and Exchange Commission.
CONTACT:
Meade Instruments Corp.
Brent Christensen, 949/451-1450
or
Silverman Heller Associates
Philip Bourdillon/Eugene Heller, 310/208-2550
SOURCE: Meade Instruments Corp.
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05/29/2002 22:53 EASTERN
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IRVINE, Calif. -(Dow Jones)- Mead Instruments Corp. (MEAD) confirmed that it recently explored the feasibility of acquiring certain assets of Tasco Worldwide Inc., a distributor of telescopes, recreational binoculars and rifle/pistol scopes, and its Celestron unit.
No agreement was reached with either party, and negotiations ended several weeks ago, Mead said in a press release.
Earlier Wednesday, the Federal Trade Commission said it would seek a court injunction to block a proposed deal between Mead and Tasco, stating it would hurt competition and raise prices.
The Miami Herald reported Wednesday that Tasco, based in Miramar, Fla., has begun the process of liquidating and selected a Miami accountant to take control of the firm's assets and represent creditor interests. Similar proceedings have begun for Celestron in California.
Tasco, which once employed about 200 and had annual revenue of about $110 million, wasn't able to service the debt to its secured lenders after a significant decline in sales. Last year, the company went into default on the lending facility, which stands at about $30 million, and it now has about a dozen people left of its payrolls, the Herald reported.
Mead said the FTC hasn't taken any action regarding the possible acquisition of Tasco. Mead remains interested in acquiring certain Tasco assets.
Remember...Terrorist are attacking Civilians; Not the Government. Protect Yourself!
NRA Lifetime Benefactor Member.