Clairvest Completes Very Successful CPCI Investment Realization.TORONTO--(BUSINESS WIRE)--Nov. 14, 1996--CLAIRVEST GROUP INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). CVG., OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. CVGPF CVGPF Compressor Variable Geometry Position Failure .) -- Clairvest Group Inc. announced today that effective September 30, 1996, it has completed the sale of its remaining interest in IBEX ibex (ī`bĕks), wild goat, genus Capra, found in rugged country on mountain ranges from central Asia to the Himalayas, S Europe, and NE Africa. Technologies Inc., formerly Continental Pharma Cryosan Inc. ("CPCI See CompactPCI. "). This sale brings the proceeds realized on Clairvest's remaining IBEX shares to $6.2 million, for a net gain of $4.3 million in the current year. The sale of these shares completes the harvesting of Clairvest's investment in CPCI. Clairvest initially invested $6.3 million in CPCI at the end of calendar 1989 as part of a financial restructuring. CPCI has now been restructured, parts sold, a special dividend paid and IBEX remains as the surviving entity. Clairvest has realized approximately $25.1 million of gross cash proceeds from this total investment, for a post-tax gain of approximately $18.8 million and an annual compound return of 55 percent. Clairvest's decision to sell its remaining interest in IBEX was a result of the successful completion of CPCI's restructuring plan, as IBEX achieved stand-alone status as a strong, publicly traded biotechnology company. "We are proud to have been associated with CPCI's success, and it's then Chairman, Dr. Tom Hecht, and are confident in the promising outlook for IBEX," said Joe Rotman, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Clairvest. Clairvest's experience with CPCI is a strong example of its approach in action. Clairvest is actively involved in the development of each investment partner's strategy; acting in partnership with outstanding entrepreneurs; building industry leaders; and helping create significant value for all stakeholders. Clairvest Group Inc. is a unique merchant bank of leading Canadian entrepreneurs, which invests in emerging and midsized companies. It contributes financial and strategic support to accelerate the development of its investment partners to become industry leaders and create long-term value. CONTACT: Clairvest Group Inc. Graham Rosenberg, 416/925-9270 |
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