| Ticker: MVAC | 1431 South Village Way | |
| Exchange: NASDAQ-Small Cap Market | Santa Ana, California 92705 | |
| Industry: Manufacturing | (714) 558-4822 |
| Type of Shares: | Common Shares | Filing Date: | 3/13/96 | |
| U.S. Shares: | 1,100,000 | Offer Date: | 4/25/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $5.00 - $7.00 | |
| Primary Shares: | 1,100,000 | Offer Price: | $5.38 | |
| Secondary Shares: | 0 | Gross Spread: | $0.54 | |
| Offering Amount: | $6,600,000 | Selling: | $0.27 | |
| Expenses: | $605,000 | Reallowance: | $0.00 | |
| Shares Out After: | 4,404,918 | |||
| Spin out parent firm: | Erin Mills International Investment Corporation | |||
| Manager | Tier | Phone |
| Meridian Capital Group, Inc. | Lead Manager |
| Auditor: Deloitte & Touche | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 12/31/95 | ||||
| Revenue: | $3.99 | Assets: | $4.04 | ||
| Net Income: | -$2.13 | Liabilities: | $7.73 | ||
| EPS: | -$0.50 | Equity: | -$3.69 | ||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company designs, develops, assembles, markets and sells the MotorVac CarbonClean System for the diagnosis, maintenance and repair of internal combustion engine fuel systems primarily for the automotive after-market repair and service industry. The MotorVac CarbonClean System is comprised of a fuel system cleaning machine and a proprietary cleaning detergent. Servicing an engine with the MotorVac CarbonClean System enhances engine performance by removing dirt, carbon deposits and other contaminants from fuel systems of both gasoline and diesel-powered engines. Additionally, the MotorVac Carbon Clean System's diagnostic capabilities help to insure fuel system safety and reliability by allowing the technician to check fuel pressure, fuel volume and system leak down. The company believes that its MotorVac CarbonClean System advances both the vehicle manufacturers' mandated goal to develop efficient fuel distribution systems that meet increasingly stringent state and federal emission requirements and customer demands for enhanced engine performance and improved fuel economy. |
| Use of Proceeds |
| Proceeds from the offering will be used to increase trade and consumer advertising and marketing, hire additional advertising and marketing personnel, acquire product lines, proprietary or patented technology and/or companies in related businesses, reimburse EMIIC for advances made to the company to fund offering expenses, pay accrued interest to EMIIC and an affiliate of EMIIC on outstanding indebtedness and for working capital and other general corporate purposes. |
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