Laser Storm Announces Acquisition of Facility in Longmont, Colo.; Acquisition is the First Under New Strategy
DENVER–(BUSINESS WIRE)–July 30, 1996–Laser Storm, Inc. (NASDAQ: LAZR, LAZRW) of Denver today announced the acquisition of an independently owned Laser Storm facility located in Longmont, Colo.
The facility was acquired for cash and shares of Laser Storm common stock under an agreement dated July 24, 1996. The Longmont acquisition is Laser Storm’s first since its April 1996 IPO, and marks a significant milestone for the company.
Commenting on the acquisition Laser Storm’s chief executive officer Bob Cooney stated, “The Longmont facility is just six months old and has recently begun to capture the market. Based on careful financial and geographic analysis, we believe that the Longmont store offers significant upside potential. The acquisition is right in line with our strategy of becoming the leading operator of laser tag facilities in the U.S. We are off to a great start.”
Laser Storm’s management team believes that the company can achieve stronger long-term performance if it operates Laser Storm sites, in addition to developing, manufacturing, and selling laser tag systems. Over the coming months Laser Storm plans to pursue its aggressive operating goals by continuing to acquire and build new facilities in attractive geographic locations.
Laser Storm is a leading manufacturer, developer, distributor, and an operator of themed laser tag games for the rapidly growing location-based entertainment industry. Laser Storm, with over 150 laser tag systems sold worldwide, recently completed a public offering of 1,495,000 units at $4 per unit.
CONTACT: Laser Storm, Inc.
Robert Cooney, 303/751-8545
Lippert/Heilshorn & Associates
Lillian Armstrong/Adam Aron — SF, 415/955-2735
Keith Lippert — NY, 212/838-3777
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