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PHILADELPHIA, PA -- DECEMBER 18, 2000, 5:00 P.M., HOLT'S CIGAR HOLDINGS,
INC. (NASDAQ NM: HOLT) -- As previously announced, HCH Acquisition Corp. has
completed its cash tender offer to acquire a sufficient amount of shares of
common stock of Holt's Cigar Holdings, Inc. to meet the minimum requirement for
the Closing of the Tender Offer, other than the shares owned by the Fuente
Investment Partnership and Robert G. Levin for $5.50 per share.
The offer expired at 12:00 Midnight New York City time on December 14,
2000. HCH Acquisition Corp. confirmed that it purchased pursuant to the offer
1,268,789 shares of Holt's Cigar Holdings, Inc. common stock which were tendered
out of 1,516,786 shares available in connection with the Company's "going
private" Tender Offer. Pursuant to the terms of the Company's Tender Offer and
Merger Agreement with HCH Acquisition Corp., a Delaware corporation, it is
anticipated that the Tender Offer will fund promptly at the end of the
Guaranteed Delivery Period. The tendered shares represent approximately 83.3% of
the total number of shares not owned by Robert G. Levin and the Fuente
Investment Partnership. Following the purchase of the tendered shares by HCH
Acquisition Corp. and the contribution to HCH Acquisition Corp. by Robert G.
Levin and the Fuente Investment Partnership, HCH Acquisition Corp. will own
5,598,481 shares or approximately 95.76% of the total issued and outstanding
shares of the common stock of Holt's Cigar Holdings, Inc.
This press release may contain forward-looking statements. While the statements
reflect the Company's best current judgment, they are subject to risks and
uncertainties that could cause actual results and events to vary. In addition to
factors noted here, these risks are described in detail in the Company's Annual
Report on Form 10-K dated June 28, 2000, as filed with the Securities and
Exchange Commission.
Holt's Cigar Holdings is the parent company of Holt's Cigar Company, Inc.,
Ashton Distributors, Inc., Holt's Mail Order, Inc. and Holt's Company. The
Company, through its operating subsidiaries, is the exclusive worldwide
distributor of the highly acclaimed Ashton brand of premium, hand-rolled cigars
and accessories. Holt's sells and distributes premium cigars and related
accessories nationwide through its mail order catalog, E-commerce site, and its
flagship retail stores in Philadelphia.
For more information, please contact:
Mary Ann Pentz, Shareholder Relations
Holt's Cigar Holdings, Inc., 12270 Townsend Road, Philadelphia, PA 19154
215-676-8778/Fax: 215-676-0438
Visit our website at: www.holts.com
