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 LONGWOOD, Fla., Aug. 20 /PRNewswire/ -- IV Ventures, Ltd., a publicly held company, has announced that it has entered into a letter of intent for a proposed business reorganization with Intile Designs, Inc. ("Intile"). Intile is a distributor of ceramic tile and related products to retail and wholesale markets. The principal offices of Intile are located in Houston. At March 31, 1993, Intile had total assets of $7,557,103 and total stockholders' equity of $2,902,047. For the 12 months ended March 31, 1993, Intile earned $60,193 of net income on total sales of $11,110,813.
 Under the terms of the proposed business reorganization, IV Ventures will issue 1,200,000 shares of its restricted common stock to the shareholders of Intile in exchange for all of the capital stock of Intile. Consequently, the former shareholders of Intile will acquire approximately 80 percent of the then issued and outstanding common stock of IV Ventures. There is further provision for the issuance of up to 500,000 additional shares to the Intile shareholders in the event certain levels of income are achieved during the fiscal years ending March 31, 1994 and 1995.
 Consummation of the reorganization with Intile is subject to several conditions, including the completion of a due diligence review of the business and financial condition of each party by the other, the negotiation and execution of a definitive reorganization agreement containing additional terms and conditions acceptable to both parties, and the satisfaction of other conditions.
 -0- 8/20/93
 /NOTE TO EDITORS: A binding agreement has not been signed and consummation of the transaction is subject to several conditions. Any decision with respect to the purchase or sale of the securities of IV Ventures should not be based on rumor or speculation.
 For more information, please contact John Frankum, IV Ventures, Ltd., 2170 West S.R. 434, Suite 200, Longwood, Fla., 32779, 407-862-0102/
 /CONTACT: John Frankum of IV Ventures, Ltd., 407-862-0102/

CO: IV Ventures, Ltd.; Intile Designs, Inc. ST: Florida, Texas IN: SU: TNM

MP-OS -- NY027 -- 8691 08/20/93 12:53 EDT
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Publication:PR Newswire
Date:Aug 20, 1993
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