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CARDIS IN NEGOTIATIONS TO SELL NORTHERN OPERATIONS

 BUENA PARK, Calif., Feb. 23 /PRNewswire/ -- Cardis Corp. (OTC) said today it is negotiating to sell its Northern California operations to Auto P anticipates signing a sale agreement within the next 10 days that would be contingent on the approval of its major creditors. Proceeds from the sale would be used to pay down debt.
 Cardis' Northern California operations represent approximately one-third of its annual sales volume, which totaled $73.3 million for the year ended April 30, 1992. The company is in the process of consolidating its northern warehouse distribution facilities in Hayward and Sacramento, Calif., into one warehouse in Fresno, Calif. Those operations plus a smaller warehouse in Ventura, Calif., which would also be part of the sale, employ approximately 75 people.
 "APW has an excellent reputation in Northern California for service, which we consider a paramount criteria for our customers in that part of the state," said Kenneth C. Cleveland, Cardis' president and chief executive officer. "The potential sale would significantly reduce our debt position. Together with the recently announced consolidation of our Southern California warehouse operations to San Diego, we see this as an excellent opportunity to build operational and financial strength for our company."
 Cardis Corp. is one of California's largest distributors and retailers of automotive parts, supplies and accessories. The company is in the process of moving its Buena Park headquarters and warehouse to San Diego, where its largest warehouse operation will serve more than 100 CARQUEST stores throughout Southern California and Baja California, Mexico, as well as several hundred independent retailers and auto repair shops.
 -0- 2/23/93
 /CONTACT: Kenneth C. Cleveland of Cardis, 714-739-5561; or Cecilia A. Wilkinson of Pondel Parsons & Wilkinson, 310-207-9300, for Cardis/


CO: Cardis Corp. ST: California IN: AUT REA SU: TNM

JL-LS -- LA008 -- 9498 02/23/93 14:20 EST
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Publication:PR Newswire
Date:Feb 23, 1993
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