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COLLEGE BOUND SELLS SUBSIDIARY TO RAISE OPERATING CAPITAL

 COLLEGE BOUND SELLS SUBSIDIARY TO RAISE OPERATING CAPITAL
 FORT LAUDERDALE, Fla. May 4 /PRNewswire/ -- Joseph V. Del Raso, the court-appointed receiver of College Bound, Inc., (CBI) announced today that College Bound has signed an agreement to sell all of its interests in ACSI, a wholly owned subsidiary of CBI, to the former owner, Dr. James Bax, subject to approval by the Bankruptcy Court.
 The sale to Dr. Bax is valued at several million dollars including an immediate cash payment to be used to support continued operations of CBI. In addition, CBI will receive short-term promissory notes and the assignment of various third-party claims held by ACSI and Dr. Bax against others. ACSI and Dr. Bax have agreed to release College Bound from the litigation currently pending against the company.
 Del Raso said, "I'm pleased with the terms of the agreement, especially with the provision for immediate cash infusion into College Bound that will provide for the short-term financing need to fund upcoming payrolls." Del Raso also stated that "this transaction will sever any ties between College Bound and ACSI which should have a positive impact on ACSI's operations."
 Further, Dr. Bax has agreed to provide his expertise to assist College Bound with its efforts to further restructure College Bound's ongoing operations.
 For additional information, contact Jane Swanko at 305-663-0770 or 305-663-0977.
 Joseph V. Del Raso is a partner with the Fort Lauderdale office of the law firm Holland & Knight. Their office is located at One East Broward Blvd. The telephone number is 305-525-1000.
 Holland & Knight is the state of Florida's largest law firm.
 -0- 5/4/92
 /CONTACT: Jane Swanko, of Jane Swanko Marketing & Media, 305-663-0770 or 305-663-0977, for College Bound/ CO: College Bound; ACSI ST: Florida IN: SU:


JB-SS -- FL008 -- 6043 05/04/92 12:25 EDT
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Publication:PR Newswire
Date:May 4, 1992
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