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SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported): July 6, 1997
Terrace Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-27132 65-0594270
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2699 Stirling Road, Suite C-405, Fort Lauderdale, FL 33312
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(Address of principal executive offices)
Registrant's telephone number, including area code: 305-894-6000
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(Former name or former address, if changed since last report)
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Item 5. Other Events
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On July 6, 1997, Terrace Holdings, Inc. (the "Registrant") signed a final
agreement with A One A Wholesale Produce, Inc. ("A One A") in which the
Registrant acquired substantially all of A One A's assets and related
liabilities. A One A is a Ft. Lauderdale, Florida-based produce distributor,
unaffiliated with the Registrant, that sells and distributes fresh fruit and
vegetables to hotels, restaurants, and other businesses in South and Central
Florida.
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Item 7. Financial Statements and Exhibits
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(c) Exhibits.
A copy of a Press Release dated July 7, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TERRACE HOLDINGS INC.
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(Registrant)
Date: July 28, 1997
By: /s/ Samuel H. Lasko
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Samuel H. Lasko
President
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EXHIBIT 99.1
TERRACE HOLDINGS FINALIZES AGREEMENT TO ACQUIRE
WHOLESALE PRODUCE COMPANY
FORT LAUDERDALE, Fla., July 7, 1997 - Terrace Holdings Inc. (Nasdaq - THIS) has
reached a final agreement with A One A Wholesale Produce Inc., a Fort
Lauderdale, Fla.-based produce distributor, to acquire the company's assets and
related liabilities. Terms of the deal were not disclosed.
Under the agreement, A One A Wholesale Produce will become a wholly-owned
subsidiary of Terrace Holdings. The companies estimate a combined annual revenue
of more than $28 million.
"With this acquisition, we are continuing towards our objective to build a
company which operates well-established food and food service units that have
significant positions in the marketplace," said Milton Namiot, Terrace Holdings'
CEO.
Virgil Scarbrough, A One A's president, and Scott Davis, A One A's vice
president, will oversee Terrace Holdings' food distribution unit. The company
will expand the current produce operations through increased coverage and a
broad product line.
"Our goal is to immediately increase the produce operations' profits and
revenues, which approached $14.5 million in 1996," said Steven Shulman, Terrace
Holdings' chairman. "The acquisition of A One A Wholesale, with its current
profitability, illustrates Terrace's commitment to accretive acquisitions and
increased shareholder value."
A One A Wholesale Produce sells and distributes fresh fruit and vegetables
to hotels, restaurants and other businesses in south and central Florida.
Terrace Holdings is the parent company of Deering Ice Cream Co., a
manufacturer and marketer of brand-name frozen desert products, including Howard
Johnson's ice cream. Headquartered in Fort Lauderdale, Terrace Holdings, through
its subsidiaries, also organizes Passover holiday vacations and owns and
operates Kosher food service units in South Florida.
