ENGLEWOOD, Colo., May 12 /PRNewswire/ -- Pak Mail Centers of America, Inc.
("Pak Mail") and Pak Mail Acquisition Corp. ("PMAC") announced today that
PMAC's acquisition of all the outstanding shares of Pak Mail has been
completed. The acquisition was accomplished through a merger whereby PMAC was
merged with and into Pak Mail. The corporate existence of PMAC has ceased and
Pak Mail has continued as the surviving corporation. Holders of common stock
of Pak Mail, other than PMAC, received $0.0516 per share of common stock.
Each share of Pak Mail common stock that was held by PMAC has been cancelled
and extinguished. Each share of PMAC common stock has been converted into one
share of common stock of the surviving corporation. The merger qualifies as a
going-private transaction under federal securities law.
"The completion of this merger is a significant milestone for Pak Mail,"
said Evan Lasky, President and CEO of Pak Mail. "The costs associated with
public ownership, such as accounting and legal fees, as well as the
significant administrative costs, were detrimental to the continued success of
Pak Mail. As a private company, we are now in a much better position to focus
on our primary goals of providing exceptional service for our franchises and
expanding our core business."
Following the completion of the merger, two shareholders of Pak Mail, Pak
Mail Investment Partnership L.P. and D.P. Kelly & Associates, L.P. now share
ownership of Pak Mail. Duff & Phelps, LLC acted as financial advisor to Pak
Mail in connection with the merger.
About Pak Mail Centers of America, Inc.
Pak Mail is an internationally recognized marketer of Pak Mail premier
specialty packaging, shipping and business support franchises. Pak Mail is
headquartered in Englewood, Colorado. For more information, visit the
company's website at http://www.pakmail.com.
For more information, please contact:
P. Evan Lasky
Pak Mail Centers of America, Inc.
(303) 957-1000
elasky@pakmail.org
Any "forward looking statements" contained in this press release are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, as amended. Words such as "expects," "intends,"
variations of these words and similar expressions are intended to identify
forward-looking statements. These statements involve certain risks and
uncertainties, which are difficult to predict. Therefore, actual future
events may differ materially from what is forecast in forward-looking
statements due to a variety of factors.
SOURCE Pak Mail Centers of America, Inc.
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Related links:
http://www.pakmail.com
CONTACT:
P. Evan Lasky of Pak Mail Centers of America,
Inc., +1-303-957-1000, elasky@pakmail.org
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