Cove Apparel shake hands with Euroseas Shipping Company
30 Sep '05
4 min read
Euroseas plans to distribute, on a quarterly basis, substantially all available cash flow generated by operations less expenses, debt service, reserves for drydocking expenses, special surveys, and after establishing necessary working capital reserves. Necessary working capital reserves will be determined by the business needs, terms of existing credit facilities, growth strategies, and other cash needs as determined by the Board of Directors, or required by prevailing law.
The merger is subject to standard conditions, including approval by Cove stockholders and effectiveness of the merger registration statement. There can be no assurance that the proposed merger will be consummated. This announcement does not constitute an offer to sell securities nor the solicitation of an offer to purchase the securities. The private placement has been closed and no additional investors will be admitted in the private placement.
Cove Apparel Inc is a surf apparel company specializing in casual apparel and accessories for men, women and juniors.
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