Celebrity Network Closes Acquisition and Plan of Reorganization of Monster Motorsports, Inc.
21 August 1997
Celebrity Network Closes Acquisition and Plan of Reorganization of Monster Motorsports, Inc.Company Changes Name to Laforza Automobiles, Inc. SAN DIEGO, Aug. 21 -- Celebrity Network, Inc., (OTC Bulletin Board: CNWN) announced today that they have finalized the Acquisition with Monster Motorsports, Inc., (MMI) of Escondido, California. Monster Motorsports, Inc., specializes in post production and distribution of up-scale custom automobiles including the Laforza, an Italian made Sport Utility Vehicle (SUV). Under the terms of the final agreement, current MMI President, Dave Hops has been appointed President and Chairman of the Board of Directors. Per the terms of the Plan of Reorganization, the company has approved a 1 for 20 reverse split of its common stock. The Company has also filed with the National Association of Securities Dealers (NASD) and the Secretary of the State the appropriate amendments requesting a name change to Laforza Automobiles, Inc., as well as a new cusip and stock symbol "LFZA" (if available). All changes will take effect at the open of trading on August 28th, 1997. The newly reorganized Company will focus its primary attention on marketing and distribution of the Laforza (SUV). The Company plans to market its customized "North American" model on a limited production basis carrying a retail price of $55,900 US. Visit the Company's website at http://www.laforza.com SOURCE Celebrity Network, Inc.