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CHARTERHOUSE COMPLETES ACQUISITION OF BOSTON DIGITAL CORPORATION

 NEW YORK and MILFORD, Mass., May 26 /PRNewswire/ -- Charterhouse Group International, Inc., a New York-based investment firm, announced today that its equity fund, Charterhouse Equity Partners, L.P. had completed the acquisition of Boston Digital Corporation (NASDAQ: BOST), for approximately $11 million. As previously announced, the holders of Boston Digital's 2,631,270 outstanding shares are entitled to receive $3.75 per share in cash, including $.01 per share for the redemption of all outstanding rights under Boston's Digital's Shareholder Rights Agreement which were redeemed on May 25, 1993. The investment includes settlement of all outstanding stock options and a cash payment in consideration for the termination of certain special benefit plans for two retiring senior executives.
 Charterhouse also announced that Mr. Michael Wicken has joined Boston Digital as chief executive officer and president and has hired two long time machine tool executives, Roger Schroeder and Ian Joyce, to join him in his efforts to expand Boston Digital's business. Mr. Wicken was previously president of the Robert E. Morris Company, and president and chief executive officer of Toyoda Machinery USA, Inc. These executives also have joined Charterhouse Equity Partners L.P. as investors in the company.
 Mr. Merril M. Halpern, chairman of Charterhouse Group International, Inc., said: "We look forward to building on Boston Digital's strengths and are confident that our new management team will enhance the performance of the company. We are excited about the opportunities in the machine tool industry and expect to provide Boston Digital's customers the continued quality and precision systems with which the "BostoMatic" name has been associated for many years."
 Boston Digital, founded in 1965, designs, manufactures and markets computer numerically controlled precision machining systems, and related service and software. The company's products efficiently perform precision metal cutting operations on complex, high tolerance prototype and production components. In connection with the acquisition, Boston Digital's shares of common stock are being delisted from the NASDAQ National Market System.
 Since its inception in 1973, Charterhouse Group International, Inc. has completed more than 45 acquisitions and equity investments. Charterhouse presently maintains a diversified portfolio of high-quality investments in U.S. industrial and service companies operating in such industries as transportation parts, industrial batteries, wireless cable, nonhazardous waste disposal, apparel and fashion accessories, and food and beverage products.
 -0- 5/26/93
 /CONTACT: Phyllis Haberman of Charterhouse Group International, Inc., 212-421-3125, or Joseph F. Banafato of Boston Digital Corporation, 508-473-4581/
 (BOST)


CO: Charterhouse Group International, Inc.; Boston Digital Corporation ST: New York, Massachusetts IN: CPR SU: TNM

WB-OS -- NY059 -- 2568 05/26/93 15:34 EDT
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Publication:PR Newswire
Date:May 26, 1993
Words:428
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