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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 20, 1997
THE COLONEL'S INTERNATIONAL, INC.
(Exact name of registrant as specified in charter)
MICHIGAN 2-98277C 38-3262264
(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
620 SOUTH PLATT ROAD
MILAN, MICHIGAN 48160
(Address of principal executive offices) (Zip Code)
(313) 439-4200
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
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Item 5. OTHER EVENTS.
On March 20, 1997, The Colonel's International, Inc. issued the
press release attached as Exhibit 99 to this Form 8-K.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND
EXHIBITS.
(c) Exhibits:
99 Press Release dated March 20, 1997.
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 thereunto duly authorized.
Dated: March 20, 1997 THE COLONEL'S INTERNATIONAL, INC.
By /s/Richard S. Schoenfeldt
Richard S. Schoenfeldt
Vice President-Finance and Chief
Financial Officer
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THE COLONEL'S INTERNATIONAL, INC.
NASDAQ Symbol COLO
PRESS RELEASE
FOR IMMEDIATE RELEASE
March 20, 1997
Contact: Richard S. Schoenfeldt
Chief Financial Officer
313-439-4200
THE COLONEL'S INTERNATIONAL, INC. ANNOUNCES PRELIMINARY AGREEMENT TO
ACQUIRE THE PATSY LOU WILLIAMSON GROUP OF AUTOMOBILE DEALERSHIPS
The Colonel's International, Inc. ("Company") today announced that it has
entered into a preliminary agreement to acquire the new and used car
dealerships owned by Mrs. Patsy Lou Williamson. The Patsy Lou Williamson
Group includes four new car dealerships and a major used car facility.
The dealership group includes the Patsy Lou Williamson Buick-GMC dealership
located in Flint, Michigan, ranked the number one Buick dealership in
retail sales in 1994, 1995, and 1996. The group also includes a
Lincoln-Mercury/Dodge dealership and the newly opened Patsy Lou Williamson Used
Car
Mega-lot, both of which share premises adjacent to the Buick-GMC facility
in Flint. The used car mega-lot is among the largest in the world with a
30 car showroom, 30 sales offices and a 20 car customer service center and
a car wash. Also included in the group are a Chrysler-Plymouth-Jeep Eagle
dealership in Grand Blanc, Michigan and a Chevrolet-Geo-Cadillac dealership
in Tawas, Michigan.
The individual dealerships will continue to operate as independent
corporations. The Company intends to acquire the dealerships as wholly-owned
subsidiaries through a newly formed intermediate dealership holding
company. On a combined basis, the dealerships had sales of approximately
$200 million in calendar year 1996.
The purchase price for the dealerships and related assets, as described in
the preliminary agreement, is $60 million, subject to adjustment for
certain contingencies and assumed debt. The completion of the acquisition
is subject to the execution of a definitive agreement, financing, the
consent of certain franchisors such as General Motors Corporation, Ford
Motor Company, and Chrysler Corporation, the approval of the Company's
independent directors and other factors. No definitive time for closing
the acquisition has been established.
The acquisition comes at a time of increasing consolidation in the
automotive retailing industry. Michael J. McCloskey, the Company's Chief
Executive Officer, said today "We are extremely pleased to have the
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opportunity to acquire Mrs. Williamson's dealerships. Mrs. Williamson and
the dealerships have an excellent reputation for quality and emphasize
customer service. This will fit well within the Company's growth plans and
provide us with a tremendous platform to launch the Company into the next
century."
Mrs. Patsy Lou Williamson is the Company's Chairwoman and will be
chairwoman of the new automotive group. Mark Stevens, the Company's
President, will serve as president of the automotive group.
The Colonel's, Inc., a wholly-owned subsidiary of the Company based in
Milan, Michigan, is a leading domestic manufacturer of plastic replacement
bumpers and facias for the aftermarket auto industry in North America. The
Colonel's Truck Accessories, Inc., a wholly-owned subsidiary of the
Company, produces truck bed liners for sale to new vehicle dealers and in
the automotive after-market. Brainerd International Raceway, the Company's
other wholly-owned subsidiary, owns and operates Brainerd International
Raceway, a multi-purpose motor sports facility located in Brainerd,
Minnesota.
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This news release includes certain statements that may be considered
forward-looking under the Private Securities Litigation Reform Act of 1995.
These statements are subject to a number of important risks and
uncertainties that could cause the contemplated transactions not to occur
or which could impact on the anticipated purchase price, including, but not
limited to, third-party consents and other contingencies listed above,
operating results, and the results of due diligence acquisition reviews.
