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Show Pro Image terminates its letter of intent to merge The letter of intent was a simple agreement which allowed both parties par-ties to pursue discussions. The Olsons explained that over the past two years, a number of franchise owners and others had asked them to take The Pro Image, Inc., into the public marketplace, in order to help with future growth. The Olsons studied the possible merger for several weeks before deciding to terminate the agreement. agree-ment. "We are not content with just being be-ing the largest sports fan souvenir BOUNTIFUL-The Pro Image, Inc., the world's largest franchisor of sports fan souvenir and apparel shops, has terminated a letter of intent in-tent for a possible merger with Specialty Retail Services, Inc. (SRS) of East Brunswick, N.J. Company President Kevin G. Olson and Chief Executive Officer Chad H. Olson, co-founders of the five-year-old, Bountiful-based corporation, cor-poration, had pursued a possible merger with SRS for several months and signed a non-binding letter of intent with the firm in September. and apparel chain," Chad Olson stated. "We are constantly working toward accelerated growth to improve im-prove The Pro Image market and system as the dominating force in the industry. To accomplish that objective, ob-jective, we realize we must be open-minded open-minded to such opportunities as we had with SRS. It is imperative, however, that any such recapitalization recapitaliza-tion be for the good of the entire franchise system." Olsen added that after thorough evaluation, the letter of intent was terminated on Oct. 6. |
