SPECTRUM INFORMATION TECHNOLOGIES FILES 10-Q FOR THE QUARTER ENDED
JUNE 30, 1995
PURCHASE, N.Y.--Aug. 16, 1995--Spectrum
Information Technologies, Inc. announced today that it has filed a Form 10-Q
with the Securities and Exchange Commission for the first quarter of
fiscal 1996.
Spectrum noted that the financial statements within the report
do not include Computer Bay, which the Company closed in January
1995, and represented approximately 90 percent of the Company's
revenues on a consolidated basis. Computer Bay filed a voluntary
chapter 11 petition, along with Spectrum and two of Spectrum's other
operating subsidiaries. The Computer Bay case was converted to
chapter 7 during the quarter reported and is being handled by a
court appointed trustee.
In the three months ended June 30, 1995, Spectrum reported a
loss from continuing operations of $1.9 million, a decrease of 13%
as compared with a loss of $2.2 million during the same quarter in
the last fiscal year. Revenues increased 33% from $3 million to $4
million over the same quarter in fiscal 1995. Spectrum's net income
for the quarter was $641,000 or $0.01 per share, as opposed to a net
loss of $2.1 million or $0.03 per share during the first quarter of
fiscal 1995.
Spectrum's income was largely the result of a gain of $2.5
million recorded by writing off the net liabilities of its Computer
Bay subsidiary following its conversion to a chapter 7 case.
Spectrum reported a loss of $0.02 per share from continuing
operations.
In the 10-Q, Spectrum also announced that it has entered a
contract to sell its Dallas facility for approximately $780,000.
The sale is subject to bankruptcy court approval.
Based in Purchase, Spectrum Information Technologies develops
and licenses direct connect technology related to the wireless
transmission of data. In January, the Company filed a voluntary
chapter 11 petition in the U.S. Bankruptcy Court for the Eastern
District of New York and is in the process of reorganizing its
business.
/CONTACT: Media, Michael Freitag of Kekst and Company,
212-593-2655, or Investors, Spectrum Information Technologies, Inc.
Investor Relations, 914-251-1800 ext. 182/
Rockefeller Center Properties, Inc. signs Letter of Intent with Zell
Investment Group
NEW YORK, NY--August 16, 1995--Rockefeller
Center Properties, Inc. ("RCPI") today announced that it has signed a
letter of intent with Equity Office Holdings, L.L.C., a national
office building investment and management company led by Samuel
Zell, for a $250 million investment by Mr. Zell and other investors
(the "Zell Group") in a recapitalization and deleveraging that would
result in a new company owned in approximate equal proportions by
the Zell Group and existing equity holders of RCPI. A majority of
the new company's board of directors would be independent of the
Zell Group.
Mr. Zell's investment would be through Zell/Merrill Lynch Real
Estate Opportunity Partners Limited Partnership III, an
institutional real estate investment fund sponsored by Zell and
Merrill Lynch. The Zell Group also includes The Walt Disney
Company. In addition, the letter of intent allows RCPI to call upon
the Zell/Merrill Lynch III fund for an initial $33 million cash
infusion in the form of a $10 million working capital loan later
this month and the purchase of $23 million of common stock in the
fourth quarter of 1995.
RCPI is a mortgage real estate investment trust whose principal
asset is a $1.3 billion participating convertible mortgage loan on
Rockefeller Center. Rockefeller Center is a 12-building landmark
office and retail complex in the heart of midtown Manhattan with 6.2
million square feet of net rentable space. The current owners of
Rockefeller Center, two partnerships controlled by Mitsubishi Estate
Company, Ltd. and Rockefeller family interests, filed for protection
under Chapter 11 on May 11, 1995. The recapitalization will enable
RCPI to pursue a viable plan of reorganization for Rockefeller
Center. The proceeds of the working capital loan and the equity
investments would allow RCPI to service its debts and pay its
operating expenses as it pursues the plan of reorganization.
Consummation of the transaction contemplated by the letter of
intent is subject to a number of conditions, including the
negotiation of definitive agreements, the proposal of a
reorganization plan to be filed by RCPI in the Rockefeller Center
bankruptcy, the consent of RCPI shareholders and the receipt of any
other required consents. There can be no assurance that these
conditions will be satisfied and therefore that the transaction
contemplated by the letter of intent will be consummated.
RCPI is listed on the New York Stock Exchange as "RCP." As of
August 15, 1995, there were 38,260,704 shares of common stock
outstanding.
Equity Office Holdings, L.L.C. is a Chicago-based privately held
office building owner/operator headed by Samuel Zell, Chairman of
the Board. Equity Office and its subsidiaries manage and operate
more than 27 million square feet of office space in 45 markets
nationwide, on behalf of ownership affiliated with Mr. Zell.
Zell/Merrill Lynch III, the third in a series of funds which invest
in high-quality, diversified portfolios of real estate assets,
closed in 1994 with $682.1 million in equity capital commitments.
CONTACT: Stephanie Leggett Young
(212) 698-1440
or
Gary Holmes
(212) 484-7736
INTEGRA LIFESCIENCES CORPORATION COMPLETES ACQUISITION OF TELIOS
PHARMACEUTICALS
PLAINSBORO, N.J.--Aug. 16, 1995--Integra LifeSciences
Corporation (Nasdaq-NNM: IART) ("Integra") announced today that it
completed its acquisition of Telios
Pharmaceuticals, Inc. ("Telios")
(Nasdaq: TLIOQ) on August 15, 1995 pursuant to an Acquisition
Agreement between Integra and Telios and a Plan of Reorganization
("Plan") for Telios which was previously confirmed by the U.S.
Bankruptcy Court for the Southern District of California. The Plan
provides for the issuance to Telios' creditors and interest holders
of approximately 3,543,000 shares of Integra Common Stock, valued by
the Bankruptcy Court at $8.65 per share for purposes of the
distribution provisions of the Plan. Stockholders of Telios Common
Stock as of the May 24, 1995 record date are entitled to receive as
an initial distribution an aggregate of approximately 497,000 shares
of Integra Common Stock, or .02 shares of Integra Common Stock for
each share of Telios Common Stock. A subsequent distribution of
Integra Common Stock may be made upon final determination of
remaining disputed claims. Integra's Common Stock is scheduled to
commence trading at 10:00 a.m. today on the Nasdaq National Market
System under the symbol "IART." The shares of Telios Common Stock,
which were formerly traded on the Nasdaq National Market System
under the symbol "TLIOQ", have been delisted.
Integra believes the acquisition strengthens its position as an
emerging leader in the field of regenerative medicine. Telios'
proprietary core technology in the application of RGD (argidene-
glycine-aspartic acid) peptides to promote directed cell behavior
complements Integra's strengths in the late-stage development and
commercialization of biomaterials-based technologies.
Telios' products under development include a cell adhesive
coating designed to improve the performance of implantable devices
and their acceptance by the body, and a platelet aggregation
inhibitor designed to prevent unwanted blood clotting without
causing bleeding at therapeutic doses, unlike certain therapies now
existing or under development by others.
Integra is dedicated to the development and use of proprietary
technology which enables the body to create functional substitutes
to replace damaged and diseased body tissues. Integra is currently
focusing this technology on the creation of functional substitutes
for dermal skin, articular cartilage and peripheral nerves.
/CONTACT: John R. Emery, CFO of Integra LifeSciences Corporation,
609-936-2370, or Todd E. Simpson, 619-622-2615, for Integra/
TRENTON INDUSTRIES INC. -- COURT APPROVAL ADJOURNED
TORONTO--Aug. 16, 1995--The Court has today
adjourned the motions for approval of the Proposals under the
Bankruptcy and Insolvency Act of Trenton
Industries Inc. (TSE:TII)
and its two subsidiaries, Trenton Machine Tool Inc. and Sailrail
Enterprises Limited. The motions for court approval will now be
heard on September 19, 1995. The adjournment was sought by the
Trenton Group in order to provide it with an additional period of
time in which to obtain financing for its obligations under the
Proposals and to support a return to normal business operations.
CONTACT: Trenton Industries Inc.
Dean Antonakes, 905/508-0405
UDC ANNOUNCES RECEIPT OF LETTER OF INTEREST FROM PACIFIC GREYSTONE
CORPORATION
TEMPE Ariz.--Aug. 16, 1995--UDC Homes,
Inc.
("UDC") announced today that it has received a letter from Pacific
Greystone Corporation ("PGC") in which PGC has indicated that it is
"interested in exploring a transaction with UDC." PGC also stated
in its letter to UDC that it "will need to complete a certain amount
of analysis and due diligence before making a well-based preliminary
pricing proposal." According to PGC's letter to UDC, PGC believes
that it is likely that such analysis should permit PGC to deliver an
offer containing a preliminary pricing proposal in excess of the
value contained in the existing offer from DMB Property Ventures
Limited Partnership.
If a preliminary pricing proposal is presented by PGC, UDC's
board of directors will consider such a proposal in light of its
fiduciary duties. There can be no assurance, however, that a
transaction with PGC will be proposed or, if proposed, what the
terms of such a proposal might be. As a matter of corporate policy,
UDC does not expect to comment on the details of any proposal which
might be received by UDC from PGC.
On May 16, 1995, UDC entered into a Stock Purchase Agreement
(the "DMB Stock Purchase Agreement") with DMB Property Ventures
Limited Partnership ("DMB"), a Phoenix based real estate investment
and development company, pursuant to which DMB would acquire all of
the equity of reorganized UDC, subject to certain terms and
conditions provided therein. On May 17, 1995, UDC filed a petition
for relief under Chapter 11 of the Bankruptcy Code with the United
States Bankruptcy Court for the District of Delaware. On August 3,
1995, the Bankruptcy Court entered an order approving UDC's Second
Amended Disclosure Statement with respect to its Second Amended
Reorganization Plan. The Second Amended Disclosure Statement and
the Second Amended Reorganization Plan is being mailed to the
company's creditors and equity holders today and tomorrow. The
Bankruptcy Court has scheduled a confirmation hearing on the
Reorganization Plan for October 2, 1995.
CONTACT: Michael D. Singer
Arthur Schmidt & Associates
(212) 953-5555