Coventry Industries Announces Mailing of Information Statement to the Shareholders Relating to the Acquisition of Employee Services Business.

BOCA RATON, Fla.--(BUSINESS WIRE)--Aug. 18, 1999--

Coventry Industries Corp. (OTC BB:COVN) today announced that it has mailed the information statement previously filed with the Securities and Exchange Commission on August 6, 1999 relating to the approval by written consent of a majority of its shareholders of the PeopleFirst LLC transaction including the issuance of stock and subsequent change of control in the Company. The information statement is being mailed to shareholders of record as of the record date of July 30, 1999.

In accordance with SEC rules, even though a majority of the shareholders have approved the transactions, the Company must allow 20 days before the actions are final. The Company anticipates closing the transaction with PeopleFirst on September 7, 1999. Also on that day, the Company's name will be changed to "American Risk Management Group, Inc."

PeopleFirst LLC is a newly formed employee services organization, which anticipates having approximately 6,300 employees leased to healthcare customers in 24 states. Coventry President Robert Hausman stated, "We are very excited about the opportunities that this transaction presents. We plan to create a very special type of `Human Resource Outsourcing Supermarket' that will not only provide the traditional services but also take that service to the next level by offering specialized ancillary services and voluntary benefits to our clients."

Coventry Industries Corp., whose subsidiaries include companies involved in manufacturing, marketing and distribution, and employee-leasing services, is a growth oriented OTC Bulletin Board company.

Certain of the statements contained in the press release may be deemed forward-looking statements in accordance with the Private Litigation Reform Act of 1996. Such statements and other matters addressed in the press release involve a number of risks and uncertainties. Among the factors that could cause actual plans to differ materially from these statements and other matters are the risks and factors detailed, from time to time, in the company's reports with the U.S. Securities and Exchange Commission.