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CVD FINANCIAL ANNOUNCES CLOSING OF $57.5 MILLION PUBLIC OFFERING

 PASADENA, Calif., Aug. 27 /PRNewswire/ -- CVD Financial Corp. (AMEX: CVL, CVL.A) announced today the closing of its initial public offering of 10,000 units at $5,750 a unit resulting in gross proceeds of $57.5 million. Each unit was comprised of 200 shares of CVD Financial common stock and five $1,000 15-year variable rate bonds. Effective Aug. 19, the common stock and the bonds have been listed and traded on the American Stock Exchange under the symbols "CVL" and "CVL.A" respectively.
 CVD Financial Corp. was formed in June 1993 as a financial services company to engage principally in asset based commercial lending to companies which are unable to obtain financing from traditional sources. CVD Financial plans to focus its lending activities on emerging growth companies in the manufacturing and/or service sectors which plan to raise capital in the public markets within a reasonably short period of time. The company plans to make only secured loans collateralized by "accounts receivable, inventory, commercial real estate, equipment and other tangible assets."
 Prior to the offering, the company was a wholly owned subsidiary of Conversion Industries Inc. (AMEX: CVD). Conversion still retains approximately 49 percent equity ownership.
 -0- 8/27/93
 /CONTACT: Donald B. Clark, chairman of the board of CVD Financial Corp., 818-793-7526; or William F. Coffin, president of Coffin Communications Group, 818-578-0500/
 (CVL CVL.A)


CO: CVD Financial Corp.; Conversion Industries Inc. ST: California IN: FIN SU: OFR

BP-JB -- LA021 -- 6721 08/27/93 15:43 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
Words:250
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