CAM Designs Inc. Announces Receivership of U.K. Operations.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and COVENTRY, U.K.--(BUSINESS WIRE)--Oct. 21, 1998--CAM Designs Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CMDA CMDA Chennai Metropolitan Development Authority (India) CMDA Christian Medical & Dental Association CMDA Capital Markets Development Authority (Fiji) ) today announced that it had incurred a net loss before tax benefits of approximately $348,000 for its first quarter ended August 31, 1998. It also reported that, due to the Company's inability to secure adequate banking facilities and in an attempt to reduce outstanding debt, it had today agreed to have its United Kingdom-based companies, constituting essentially all of the Company's operations, placed into receivership. CAM, which acts as a holding company, does not believe it is responsible for any of the liabilities of the U.K. entities. Management stated that it, together with major stockholders of the Company, would attempt to reorganize these operations and re-establish the same for the Company but there can be no assurance that these efforts would be successful. As a result of the receivership, the Company will shortly file an 8-K Report describing the financial effect of this receivership. CAM Designs Inc., primarily based in the U.K., is a premier design and engineering house for the automotive and aerospace industries in Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). , the United States and the Pacific Rim. Statements in this news release looking forward in time are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties, including general economic conditions, delays and risks associated with the negotiation, implementation and/or performance of contracts, consumer and industry acceptance, and regulatory actions and risks. |
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