Cenuco (AMEX:ICU)
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From Jul 2019 to Jul 2024
Cenuco, Inc. (AMEX:ICU) today announced that it has
executed agreements to fund the planned acquisition of a group of
brands from a leading Consumer Products company. Cenuco plans to merge
the acquired brands into its Lander health and beauty care division.
The financing round of $65 million was led by Prentice Capital
Management LP and includes equity and debt securities. Proceeds of the
financing will also be used for general working capital purposes. In
addition, the Company has signed an agreement for a 24-month standby
equity facility of up to $100 million for future acquisitions. Closing
of these agreements is subject to completion of the planned
acquisition and to Cenuco shareholders' approval. Pending such
closing, Prentice Capital Management has agreed to provide bridge
financing for the planned acquisition.
Joseph A. Falsetti, Chairman and Chief Executive Officer of
Cenuco, stated: "This is a very important day for Cenuco. The signing
of these agreements is a significant step forward toward completion of
the Company's first major strategic acquisition and we are very
excited about our partnership with Prentice Capital and other members
of the financing syndicate."
Cenuco stated that negotiations for the potential acquisition are
continuing and there can be no assurance that the transaction will be
consummated.
The Stanford Group Company served as the financial advisor to
Cenuco.
About Cenuco
Lander, the health and beauty care division of the Company, is a
manufacturer, marketer and distributor of a leading value brand health
and beauty care products. The Company also produces private label
brands for a limited number of top retailers through its Canadian
facility. Lander is a leader in the rapidly growing marketplace for
value health and beauty care (HBC) products - sold in dollar store and
value focused retailers such as Wal-Mart and Kmart.
The Lander brand is recognized as the largest specialty bath brand
as reported in 2004 by Information Resources, Inc. (IRI), a global
provider of market content and business performance management within
consumer goods and retail industries. The company is headquartered in
Lawrenceville, New Jersey. The company operates two manufacturing and
distribution facilities, one in Binghamton, New York and the other in
Toronto, Canada. Visit http://www.lander-hba.com for additional
information.
Cenuco Wireless, the wireless technology division of the Company,
develops wireless and internet based software solutions for
transmitting live streaming video, and other targeted content,
directly onto cellular phones and remote computers. The Company's
technology has applications in a variety of markets. The Company's
wireless data technology is primarily focused on wireless video
monitoring solutions that allow users to view real-time streaming
video of security cameras or video content feeds at their home or
place of business from anywhere they receive a cellular connection,
regardless of the cellular carrier, user's location, or type of
cellular phone or wireless device. Visit http://www.cenuco.com for
additional information.
Certain statements contained herein may constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, 21E of the Exchange Act of 1934 and/or the Private Securities
Litigation Reform Act of 1995. Such statements include, without
limitation, statements regarding business plans, future regulatory
environment and approval and, the Company's ability to comply with the
rules and policies of independent regulatory agencies. Although the
Company believes the statements contained herein to be accurate as of
the date they were made, it can give no assurance that such
expectations will prove to be correct. The Company undertakes no
obligation to update these forward-looking statements.