PETCO buys Pet Metro for $3 million
SAN DIEGO, Ca.--Aug. 24, 1995--PETCO Animal
Supplies, Inc., one of the nation's largest specialty retailers of
premium pet food and supplies, announced today that it has purchased
Pet Metro, a Southern California-based chain
of pet food superstores, for approximately $3 million. PETCO closed the
transaction last night after agreeing to purchase the company out of
bankruptcy last Thursday.
PETCO's Chairman and President Brian K. Devine said, "This is an
excellent strategic acquisition for Petco and greatly strengthens
our market penetration in Southern California."
Mr. Devine said, "PETCO plans to convert the four existing Pet
Metro stores, located in Pasadena, Huntington Beach, San Diego and
Riverside, into PETCO superstores. These stores average slightly
over 17,000 square feet in size and generated in excess of $12
million of sales in the previous twelve months. The company also
plans to open three additional California stores that Pet Metro had
signed leases for but was unable to open before it went into
With the addition of the Pet Metro stores, PETCO will operate
approximately 123 premium pet food and supply stores in California
alone -- 227 nationwide.
Mr. Devine said, "The pet food retailing industry continues to
undergo significant consolidation and we will continue to identify
and make opportunistic acquisitions that are in the best interests
of our customers and shareholders."
PETCO is a leading specialty retailer of premium pet food and
supplies. The company operates 227 stores, including 136
superstores, in 13 states and The District of Columbia.
CONTACT: PETCO Animal Supplies, Inc., San Diego
Richard St. Peter, 619/677-3003
Ramtron Releases Restructuring Update
COLORADO SPRINGS, Colo.--Aug. 24, 1995--
Ramtron International Corporation (NASDAQ:RMTR) today announced that an
objection to the approval of Ramtron's recently announced debt
restructuring agreement has been filed by the Official Joint
Creditors Committee (the Committee) of the Oren L. Benton bankruptcy
Although the Committee expressed approval of the restructuring
in a letter dated July 31, 1995, the recent rise in Ramtron's stock
price caused the Committee to file an objection to court approval on
Wednesday afternoon in the interest of enhancing the consideration
payable to the Benton Estate as part of the restructuring.
The Committee states in its objection, "Due to the change in
market price, the Ramtron stock is very attractive to a number of
qualified third party investors. The Committee is informed and
believes that one or more of these investors are willing to assume
BEA's position to enhance the consideration payable to the Benton
Estate in acquiring the 1992 note." The Committee has advised
Ramtron that its objection is not intended to delay the consummation
of a debt restructuring, and that the Committee supports the current
proposed restructuring in the absence of an enhanced offer to the
Ramtron is currently operating under a NASDAQ exception to
quantitative listing criteria that expires August 31, 1995. If at
that time, the Company is unable to close the restructuring, obtain
an extension to the NASDAQ's exception, or otherwise meet NASDAQ's
listing criteria, Ramtron's equity securities will be delisted from
the NASDAQ Stock Market. Thereafter, the Company would be required
to reapply for listing once the criteria is met. If necessary,
Ramtron will seek a further exception to the listing criteria, but
there can be no assurances that such an exception will be granted.
In view of the Committee's position, Ramtron continues to plan
for the consummation of a debt restructuring.
For more information about Ramtron and its products, contact:
Corporate Communications, Ramtron International Corporation, 1850
Ramtron Drive, Colorado Springs, Colorado, USA 80921. Telephone is
800-545-FRAM; FAX is 719-481-9294.
CONTACT: Ramtron International Corporation
Lee A. Brown, 719/481-7011
STATORDYNE CORPORATION PLACED IN CHAPTER 11 BANKRUPTCY BY CREDITORS
ANAHEIM, Calif.--Aug. 25, 1995--HREF="chap11.statordyne.html">Statordyne Corporation
(OTC BULLETIN BOARD: STYY) announced today that an involuntary
petition for an order of relief under chapter 11 of the U.S.
Bankruptcy Code was filed on August 23, 1995 by a group of its
largest creditors. The Company plans to consent to the bankruptcy
and to file motions early next week with the court to grant an
accelerated schedule for the Company's bankruptcy case. According
to Kenneth A. Ruck, Chairman and CEO of Statordyne, "The Company
intends to maintain normal business operations during the
proceedings, and provide continued service to its customers."
The case was filed August 23, 1995 in the United States
Bankruptcy Court, Central District of California, Santa Ana Division
(Case No. SA95-18647JB). The Company is represented in the
bankruptcy proceedings by the law firm of Winthrop Couchot in
Newport Beach, Calif.
The Company designs, manufactures and markets patented power
protection systems that enhance electrical power quality while
providing peaking capabilities and uninterrupted transition to
backup power in the event of a utility outage.
/CONTACT: Bradford Roberts, president of Statordyne, 714-704-1000/