Coventry Industries Completes Transaction With BSD Healthcare.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--Dec. 7, 1998--Coventry Industries Corp. (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 SmallCap: COVN) announced today that it has closed on the transaction with BSD (Berkeley Software Distribution) The software distribution facility of the Computer Systems Research Group (CSRG) of the University of California at Berkeley. Healthcare Industries Inc. to acquire the Indianapolis based medical equipment and staffing company. The closing involved the exchange of 19.9% of the outstanding shares of Coventry, for 80.1% of the outstanding shares of BSD. BSD has two subsidiaries, Respiratory Care Services Inc. and RCS (1) (Remote Computer Service) A remote timesharing service. (2) (Revision Control System) A Unix utility that provides version control. RCS - Revision Control System Subacute Inc. which provides respiratory care services and supplies to more than 200 long term care facilities, hospitals and home care companies in the mid western and southern United States The Southern United States—commonly referred to as the American South, Dixie, or simply the South—constitutes a large distinctive region in the southeastern and south-central United States. . BSD and its combined subsidiaries had 9 months revenues for 1998 of approximately $3.3 million with pre tax earnings of $375,000. Coventry Chairman and President Robert Hausman stated, "I am very pleased to announce the closing of this transaction. It is the first step towards building a new concept in the field of a human resource outsourcing company. We will continue to focus and add to this concept over the next several months and look forward to closing the second part of the transaction with PeopleFirst in approximately 90 days." The transaction with PeopleFirst will require shareholder approval prior to closing. Coventry Industries Corp., whose subsidiaries include companies involved in manufacturing, marketing and distribution, and employee-leasing services, is a growth oriented small-cap company. Certain of the statements contained in the press release may be deemed forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in accordance with the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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. |
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