| Deal Description | Fox-Stanley Photo Products, Inc., used a portion of its share of the proceeds from this transaction to repay outstanding bank loans. The proceeds from such bank loans were used to purchase other companies. Since April 1, 1964, the company had purchased for cash a total of nine photo-finishing businesses and one company operating a retail store selling photographic equipment and supplies. The balance of the proceeds was added to the company's general funds, which were available for general corporate purposes, including new construction, plant improvements or additions, possible future acquisitions, and increases in working capital. A portion of the shares offered in this transaction was sold by the group of selling stockholders. The company received no portion of the proceeds from these shares. The group of selling stockholders was composed of Carl D. Newton, Eula Wurtz, Donald W. Becker, Kenneth E. Casper, Stanley Wurtz, A. Joseph Webber, and Douglas L. Becker. |
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