United Leisure Corp.: The Irvine company said...

United Leisure Corp.: The Irvine company said Wednesday that it has signed an agreement to acquire a 50% interest in Planet Kids Learning Centers Inc. held by Master Glazier’s Karate International Inc. in Elizabeth, N.J. Under the transaction’s terms, Planet Kids will be a wholly owned unit of United Leisure, which also operates Camp Frasier day camps. United Leisure will purchase the promissory note held by Master Glazier in the amount of $500,000 plus interest, and will acquire the 50% equity interest held by Master Glazier for $500,000. United Leisure also issued Master Glazier 150,000 five-year options to acquire common stock in the company at 1 cent a share. The first Planet Kids indoor education and entertainment center opened this month in Laguna Hills.