Ntera Holdings Merging with World Quest
March 30, 2004 (Press Release) --
Miami, Florida:
In a press release Wednesday, WorldQuest said it expects the combined company to generate more than $150 million in annual revenue from its wholesale and higher-margin retail components. WorldQuest had revenue of $11.5 million in 2002; for the first nine months of 2003, revenue totaled $7.6 million.
Ntera's controlling stockholder and Chief Executive Engin Yesil agreed not to exercise his voting rights to alter the composition of the WorldQuest board until the 2005 annual stockholders meeting.
Yesil, who will control about 54% of the combined company's outstanding shares, will serve as President, Business Development, of the combined company, but won't sit on the board. Victor E. Grijalva will remain WorldQuest's vice president and chief financial officer after completion of the merger.
In a press release Wednesday, WorldQuest said it expects the combined company to generate more than $150 million in annual revenue from its wholesale and higher-margin retail components. WorldQuest had revenue of $11.5 million in 2002; for the first nine months of 2003, revenue totaled $7.6 million.
Ntera's controlling stockholder and Chief Executive Engin Yesil agreed not to exercise his voting rights to alter the composition of the WorldQuest board until the 2005 annual stockholders meeting.
Yesil, who will control about 54% of the combined company's outstanding shares, will serve as President, Business Development, of the combined company, but won't sit on the board. Victor E. Grijalva will remain WorldQuest's vice president and chief financial officer after completion of the merger.
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