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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
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CONTACTS: Peter G. Hanelt Charles A. Callahan
Chief Executive Officer/CFO Chief Financial Officer
Natural Wonders, Inc. World of Science, Inc.
(510) 252-6607 (716) 475-0100
www.naturalwonders.com www.worldofscience.com
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WORLD OF SCIENCE TO MERGE WITH
NATURAL WONDERS
Fremont, CA--August 4, 2000--Natural Wonders, Inc. (Nasdaq: NATW), a leading
specialty retailer of unique and affordable family gifts inspired by the wonders
of nature and science, and World of Science, Inc. (Nasdaq: WOSI), another
leading retailer of a variety of traditional and distinctive science and nature
products, today announced that they have signed a definitive merger agreement
pursuant to which Natural Wonders would purchase all of the shares of common
stock of World of Science for $1.15 per share, in cash. The transaction is
subject to certain conditions, including approval of the shareholders of World
of Science and the receipt of financing commitments by Natural Wonders. The
parties expect that the transaction will close prior to the end of the third
calendar quarter.
Peter G. Hanelt, CEO of Natural Wonders, Inc., said, "We are excited at the
prospects for Natural Wonders. The combined Company will be the largest mall
based specialty retailer within the nature and science category. We have always
admired World of Science and now have the opportunity to combine their strengths
with Natural Wonders. We expect aggressive growth in profitability beginning
with this fiscal year as the powerful synergies of the combination are realized
virtually from the closing. We expect to operate approximately 310 stores this
holiday season with positive comparable store sales. With very few stores of
each Company located in the same malls, the combination gives Natural Wonders an
excellent concentration of retail stores in the critically important eastern
half of the country and improves substantially our geographical representation
throughout the country."
World of Science's CEO Fred H. Klaucke said, "I am glad that Natural Wonders
was able to present us with a proposal that warranted a resurrection of a
proposed transaction that we can recommend to our shareholders for approval. We
are pleased to be part of what will become a dynamic mall based specialty
retailer of science and nature products. We look forward to working with Natural
Wonders in combining the formidable talents and strengths of the two companies.
We will all work hard to make the transition as seamless as possible in order to
effectuate a prompt closing of the transaction and insure the best possible
holiday selling season."
About Natural Wonders, Inc.
Natural Wonders, Inc. is a specialty gift retailer of unique and affordable
family gifts inspired by the wonders of science and nature. The Company's
merchandise assortment includes telescopes, mineral carvings, globes, home and
garden items, ceramics, wind chimes, hats and shirts, books, tapes, cd's,
videos, and a variety of interactive toys and games. Natural Wonders'
merchandise is moderately priced and appeals to consumers' appreciation of the
wonders of the world. Target customers are predominantly well educated, middle
income families (adults ages 25 and up and children ages 6 to 12. Natural
Wonders' marketing strategy is to create an atmosphere that generates excitement
about the world of nature and science. The strategy includes theme
presentations, which highlight a related group of products that tell a story
about a specific place or activity. Marketing may also involve developing
partnerships with non-profit organizations that support environmental and
conservation efforts.
About World of Science
World of Science is a specialty retailer of a variety of traditional and
distinctive science and nature products. The Company's merchandising strategy
emphasizes both the educational and entertainment values of its products.
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Certain statements in this report, including statements regarding the timing
of the merger and its impact on revenue, growth and earnings, and new store
openings are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act. Actual results may differ materially from
those indicated in such statements due to a number of factors, including the
ability to obtain all necessary consents and approvals for the merger; obtaining
the financing needed to fund the merger; unanticipated operational challenges in
connection with combining operations; delays in opening new stores; the ability
to retain key personnel; the availability of capital to fund continuing
operations of both companies and their affiliates; changes in consumer spending
patterns and in demand for popular products; the ability to open and operate new
stores on a profitable basis; and prevailing economic conditions. Additional
information on factors that may affect the business and financial results of
Natural Wonders or World of Science can be found in their filings with the
Securities and Exchange Commission.
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