VERTEX INDUSTRIES SETTLES SUBSIDIARY DEBT
VERTEX INDUSTRIES SETTLES SUBSIDIARY DEBT CLIFTON, N.J., Dec. 19 /PRNewswire/ -- Vertex Industries, Inc.
(NASDAQ: VETX) announced today that it had reached an agreement with the Chemical Bank to settle outstanding debt of its subsidiary, Computer Transceiver Systems, Inc. In full settlement of debt in excess of $425,000, Vertex will pay Chemical Bank $100,000 in cash and will issue to the bank 100,000 shares of Vertex common stock.
Vertex Industries, organized in 1974, manufactures complete data collection systems which include bar code scanners, portable and fixed data collection terminals, optical readers, label generators, transaction processors, multiplexers and data collection software used mainly in factories, warehouses, offices, hospitals and transportation services. In addition to bar code products, Vertex is a major supplier of magnetic stripe technology. -0- 12/19/91 /CONTACT: James Q. Maloy, chairman and president of Vertex Industries, 201-777-3500/ (VETX) CO: Vertex Industries Inc. ST: New Jersey IN: SU:
SM-TS -- NY047 -- 3908 12/19/91 12:34 EST
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|Date:||Dec 19, 1991|
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