Chartwell Signs Letter of Intent for a Strategic Acquisition.
DENVER--(BUSINESS WIRE)--June 2, 1998--Today Chartwell announced
that it has signed a letter of intent to purchase an industrial
manufacturing company.
The final closing of this transaction will be subject to
completion of a satisfactory due diligence process (currently being
done) and financing. This company is very profitable, with revenues in
excess of $4 million for fiscal 1998.
Company Chair Dr. Janice Jones said: "We are very excited
about this potential acquisition. It expands the course outlined by
Chartwell's board of directors -- a holding company with a group of
niche manufacturers. Our management team expects that this will be the
first of many such transactions.
Chartwell International Inc. is a publicly traded diversified
holding company (NASDAQ BB: CHAP).
CONTACT: Shareholder Relations:
DeMonte & Associates
Cynthia DeMonte, 212/473-3700
E-mail: cdemonte@aol.com
COPYRIGHT 1998 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1998, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.
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