SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 12, 1996
ABS INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-9556 34-0074580
_______________ ___________ ___________________
(State or other (Commission (IRS Employer
jurisdiction of File No.) Identification No.)
incorporation)
Interstate Square I, Suite 300, Willoughby, Ohio 44094
___________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (216) 946-2274
______________
None
_________________________________
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
____________
On January 12, 1996, ABS Industries, Inc. (the "Company")
issued a press release which is attached hereto as Exhibit 99.1 and
which is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
_____________________________
(c) Exhibits.
_______
99.1 Press release of the Company, dated January 12, 1996.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
ABS INDUSTRIES, INC.
By /s/ William J. McCarthy
___________________________
Name: William J. McCarthy
Title: President and
Chief Executive Officer
Date: January 16, 1996
<PAGE>
EXHIBIT INDEX
______________
Number Subject Matter
_______ _____________
99.1 Press release of the Company, dated January 12, 1996.
Exhibit 99.1
------------
FOR IMMEDIATE RELEASE
Contact: William J. McCarthy
President and Chief Executive Officer
ABS INDUSTRIES, INC. RECEIVES
CAPITAL INFUSION
Willoughby, Ohio, January 12, 1996 - ABS Industries,
Inc. (NASDAQ: ABSI) announced today that it had received a
capital infusion of $2.6 million in the form of a loan and
acceleration of certain receivables from its senior lenders
and certain of its customers. The Company stated that such
infusion will enable it to operate in the ordinary course for
at least the next week during which time it will be working
with its lenders and customers to arrange a long term financing
package. ABS could give no assurances such long term financing
would be accomplished.
ABS also announced that Fred Caruso, a principal of
Development Specialist, Inc., a consulting firm which has been
engaged by the Company to advise it with respect to financing
matters, had been appointed Chief Executive Officer of ABS's
operating subsidiaries, Colmach, Inc. and Colfor, Inc. Mr. Caruso
will report to ABS's Chief Executive Officer William J. McCarthy
and the ABS Board of Directors. Mr. McCarthy stated that "ABS
is taking all steps to preserve the Company's long term viability
and I look forward to working with Mr. Caruso in furtherance of
that goal."
ABS, through its wholly-owned subsidiaries, Colfor,
Inc. and Colmach, Inc., operates exclusively in the cold and
warm forging industry and the machining of forged components.
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