| Ticker: | INBC | One East Broward Boulevard, Suite 1100 | |
| Exchange: | NASDAQ-Small Cap Market | Fort Lauderdale, Florida 33301 | |
| Industry: | Manufacturing | (954) 356-0036 |
| Type of Shares: | Common Shares | Filing Date: | 9/19/96 | |
| U.S. Shares: | 2,250,000 | Offer Date: | 12/5/96 | |
| Non-U.S. Shares: | 0 | Filing Price: | $4.00 | |
| Primary Shares: | 2,250,000 | Offer Price: | $4.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.40 | |
| Offering Amount: | $9,000,000 | Selling: | $0.14 | |
| Expenses: | $706,000 | Reallowance: | $0.04 | |
| Shares Out After: | 4,128,378 |
| Manager | Tier | Phone |
| Joseph Stevens & Company, L.P. | Lead Manager | (212) 361-3000 |
| Auditor: Rachlin Cohen & Holtz | |||||
| 8 Month Ending Financials | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 8/31/96 | 8/31/96 | ||||
| Revenue: | $0.81 | Assets: | $4.85 | ||
| Net Income: | -$3.52 | Liabilities: | $5.76 | ||
| EPS: | -$1.87 | Equity: | -$0.91 | ||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company produces, markets and sells premium dog food through supermarkets and grocery stores under the name InnoPet Veterinarian Formula Dog Food. The company began marketing InnoPet Foods in March 1996. In June 1996, it commenced sales of its dog food to supermarkets located in the Greater Metropolitan New York area. As of August 31, 1996, the company has sold product into the following markets: the Greater Metropolitan New York area; the Philadelphia, Pennsylvania area and other areas in Pennsylvania; the Baltimore, Maryland/Washington, D.C. area, and the Tampa Bay, Florida and South Florida areas. Supermarket chains which have received product include: Great Atlantic & Pacific Tea Company; Acme Markets, Inc.; Albertsons', Inc.; C&S; Wholesale Grocers; Fleming Companies, Inc.; Kash N' Karry Food Stores, Inc.; Key Food Stores Cooperative, Inc.; Pathmark Stores, Inc.; Super Rite Foods and Weiss Markets, Inc. As of August 31, 1996, the company has recorded approximately $845,000 in sales. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for repayment of the private placement notes; purchase of inventory; expansion of retail distribution; marketing and sales; development of products; working capital and general corporate purposes. |
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