CARDIS CORP. ANNOUNCES THAT KENNETH C. CLEVELAND WILL BE PRESIDENT AND CHIEF EXECUTIVE OFFICER
CARDIS CORP. ANNOUNCES THAT KENNETH C. CLEVELAND
WILL BE PRESIDENT AND CHIEF EXECUTIVE OFFICER
BUENA PARK, Calif., June 24 /PRNewswire/ -- Cardis Corp. (OTC) today announced that Kenneth C. Cleveland will be president and chief executive officer, succeeding Kenneth D. Walker, who has resigned to accept a senior management position with another company. The transition is effective July 6, 1992.
Cleveland has been a director of Cardis since 1989. He is currently president of Kenneth Cleveland Associates Inc., a management consulting firm. He previously served as president and chief executive officer of Tylan Corp. in Torrance, Calif. and as president of The Mica Corp., Culver City, Calif.
Walker will become president and chief executive officer of Parts Industries Corp., an automotive parts distributor based in Memphis, Tenn., and serving predominantly southern and eastern markets.
"We are grateful for Ken Walker's outstanding leadership through a particularly turbulent time for Cardis. Although we will miss his contributions, we wish him only the best for the future," Cleveland stated.
Walker said, "It is gratifying for me to look at the accomplishments Cardis has made over the past three years. With the cooperation of an exceptionally talented group of employees, loyal customers, suppliers and shareholders, we managed to pull Cardis out of a difficult situation and put in on the road to recovery. I will miss working with the many wonderful people at the company, but this position was simply an opportunity I could not refuse."
Walker joined Cardis in 1989 following tenure as a consultant and in various management positions with AI Automotive Corp.
Cardis, with annual revenues of $80.1 million in 1991, effected a major recapitalization approved by shareholders in October 1991. The recapitalization involved the exchange of Cardis' common stock for $20 million of bank debt and $724,000 in interest owed on that debt; the extension of term and interest relief on approximately $8.1 million of other indebtedness in exchange for stock; conversion of the company's mandatory redeemable class B preferred stock into shares of common stock; a one-for-twenty reverse stock split; and an increase in the number of options available for grant to Cardis officers and directors.
Cardis Corp. currently operates nine automotive parts distribution centers and 20 retail stores located primarily in California.
/CONTACT: Thomas Hanlon of Cardis Corp., 714-739-5561; or Craig A. Parsons of Pondel Parsons & Wilkinson, 310-207-9300, for Cardis/ CO: Cardis Corp. ST: California IN: AUT SU: PER EH -- LA026 -- 3460 06/24/92 17:01 EDT