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EVEREX SYSTEMS INC. TO RESTRUCTURE DEBT UNDER CHAPTER 11

 FREMONT, Calif., Jan. 4 /PRNewswire/ -- Everex Systems Inc. (NASDAQ-NMS: EVRX) today announced that in order to preserve the value of assets and operations, to relieve pressure from creditors and to assure that all parties are treated fairly and in accordance with their legal rights, the company has filed for voluntary protection under Chapter 11 of the Bankruptcy Code. "We determined that taking this step was necessary to facilitate the process of financing the on-going business," said Jack Kenney, Everex's chief executive officer. The company has experienced continued difficulty in securing cash to support the sale of products and satisfy creditors. The company has been paying down its credit line and has operated under constrained lending


circumstances since October, 1992. A Trade Creditors Committee has been working with the company and continues to support the company's efforts to date.
 The company also announced that John K. Lee has been appointed to the position of chairman of the board of directors. Lee is a co-founder of Everex Systems Inc. and has served on the board as executive vice president.
 Everex Systems Inc., a computer industry leader headquartered in Fremont, designs, manufactures and distributes a complete family of network servers, personal computers and peripherals. Everex products are distributed through a worldwide dealer, VAR and distributor network. Everex stock is traded on the National Market System under the NASDAQ symbol EVRX. (Currently, the stock symbol is trading under the NASDAQ symbol EVRXe.)
 -0- 1/4/93
 /CONTACT: Michael Whalen, 510-683-2189; or Letty Dupuy, 510-583-2066, both of Everex/
 (EVRX)


CO: Everex Systems, Inc. ST: California IN: CPR SU:

TB -- SJ004 -- 1327 01/04/93 12:56 EST
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Publication:PR Newswire
Date:Jan 4, 1993
Words:272
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