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CARDIS SIGNS LETTER OF INTENT TO SELL NORTHERN CALIFORNIA OPERATIONS

CARDIS SIGNS LETTER OF INTENT TO SELL NORTHERN CALIFORNIA OPERATIONS
 BUENA PARK, Calif., Nov. 4 /PRNewswire/ -- Cardis Corp. (OTC) today announced that its previously disclosed negotiations have led to the signing of a letter of intent to sell for cash its Northern California operations.
 The company said it anticipates the sale to a major national automotive aftermarket parts distributor will close by the end of February 1993.
 Terms were not disclosed. Proceeds would be used to pay down debt.
 In Northern California, Cardis operates four auto parts distribution warehouses, representing approximately one third of the company's sales volume, which totaled $73.3 million for its most recent fiscal year.
 Cardis Corp. is one of California's largest distributors of automotive parts, supplies and accessories with nine warehouse distribution centers and 22 retail stores.
 -0- 11/4/92
 /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: REA SU: TNM


KJ-JB -- LA034 -- 2608 11/04/92 15:11 EST
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Publication:PR Newswire
Date:Nov 4, 1992
Words:172
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