Westminster Capital Purchases Logic Technology Group for $4.8 Million
21 January 2000
Westminster Capital Purchases Logic Technology Group for $4.8 Million
BEVERLY HILLS, Calif.--Jan. 21, 2000--Acquisition of Audiovisual and Computer Rental/Sales Firm Diversifies
Westminster's Holdings into Rapidly Growing High-Tech Niche
Westminster Capital Inc., (AMEX:WI), announced today that it has completed the acquisition of a 68 percent stake in Santa Ana, California based Logic Technology Group, Inc. (dba Matrix Visual Solutions, Inc.), a privately-owned company which rents and sells audiovisual and computer equipment, for $4.8 million in cash.
Matrix reported net income before income taxes of $2,060,000 for its fiscal year ended September 30, 1999 and earnings before deductions for interest, income taxes, depreciation, and amortization of $2,554,000 on revenues of $6.4 million.
William Belzberg, Chief Executive Officer of Westminster Capital, commented, "We believe that Matrix Visual Solutions is staged to capitalize on the thriving computer and audiovisual equipment business. We see an opportunity to establish a leading position in a rapidly growing high tech niche. Westminster will assist Matrix Visual Solutions in exploiting these tremendous opportunities."
About Logic Technology Group, Inc. dba Matrix Visual Solutions
Matrix Visual Solutions, based in Santa Ana, California, with offices in San Francisco, San Diego and Las Vegas, offers a full line of computer presentation equipment including LCD panels and projectors. The Company can deliver the equipment immediately, either for sale or rental.
About Westminster Capital
Westminster Capital's operations include, Westland Associates Inc., a group purchasing services for new-car dealerships, Global Telecommunications, a telephone service to military personnel on U.S. Navy bases, One Source Industries, a provider of packaging and point-of-display materials, and Physician Advantage LLC, a group purchasing service for physicians. The Company also engages in certain lending activities, including origination and purchasing loans, as well as investing in securities which principally consists of U.S. Government securities and to a limited extent other equity based securities.
Statements included within this press release that are not historical in nature constitute forward-looking statements for the purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Investors are cautioned that this press release contains certain such forward-looking statements that involve substantial risks and uncertainties. When used, the word "believe," and similar expressions as they relate to the Company or its management are intended to identify such forward looking statements. The Company's actual results, performance or achievements could differ materially from the results expressed in, or implied by, these forward-looking statements. Further management discussion of risks and uncertainties can be found in the Company's quarterly filings with the Securities and Exchange Commission and other periodic filings.