Coventry Industries Corp. Signs Letter of Intent to Acquire Kiwi International Holdings, Inc.BOCA RATON, Fla.--(BUSINESS WIRE)--May 11, 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 :COVN) has signed a letter of intent to acquire the assets of Kiwi International Holdings, Inc. which does business as Kiwi International Airlines, in a stock transaction, it was announced today by Robert Hausman, chairman of Coventry Industries. Details of the transaction were not disclosed. Kiwi International Airlines, based in Newark, N.J., is a provider of passenger airline services to 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 ; Chicago; Atlanta; Palm Beach, Orlando and Tampa, Fla., Las Vegas; Boston; and San Juan, Puerto Rico San Juan (IPA: [saŋ hwaŋ]) (from the Spanish San Juan Bautista, "Saint John the Baptist") is the capital and largest municipality on Puerto Rico. . The company has 650 employees and current revenues of approximately $80 million. "Kiwi International Airlines, which boasts a perfect five-year safety record, is consistently ranked among the top few U.S. airlines in annual consumer satisfaction and travel agent surveys," Hausman said. "In is exceptionally well-managed and operationally strong." A definitive agreement is expected to be complete by June 15, 1998, subject to the completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. . Based in Boca Raton, Fla., Coventry Industries is a diversified holding company with subsidiaries in manufacturing and industrial fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. , employee staffing and consumer products, including agricultural products. Since its inception, Coventry has made numerous acquisitions in each of its core business areas. The company anticipates continued growth using the same approach. Certain of the statements contained in the press release may be deemed forward looking statements 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 this 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 other factors detailed, from time tot time, in the Company's reports with the U.S. Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended June 30, 1997. CONTACT: Robert Hausman, Chairman (561) 488-4802 |
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