Aarow Environmental Group to Acquire Utica Publishing Corporation
Posted on July 13, 1999Aarow Environmental Group, Inc. has announced it has reached a tentative agreement to purchase all of the outstanding shares of Utica Publishing Corporation, an Arkansas based publishing company. The final agreement, according to Utica's president, Sam Yates, will be completed upon obtaining mezzanine financing for the purpose of restructuring its current loans.
"Utica recently withdrew its filing with the Securities and Exchange Commission, for an initial public offering of it's own stock," according to Yates, "as part of the final process of preparation for being acquired by Aarow. The bridge-financing project is our last step and as soon as that process is completed, we will proceed with a closing."
In addition to commercial printing, Utica Publishing Corporation publishes several niche magazines including Arkansas Chronicle, an electronically distributed monthly news magazine, and La Cronica, the only statewide bilingual (Spanish/English) publication. On June 11, 1999, Utica inaugurated a third magazine, La Jornada, a weekly Spanish language general interest publication focused on the Western part of Arkansas. Plans are also in the works for an environmental publication for the farming, poultry, and hog industry.