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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):
February 14, 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)
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Item 5. Other Events
On February 14, 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
February 14, 1996.
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
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Name: William J. McCarthy
Title: President and
Chief Executive Officer
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EXHIBIT INDEX
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Number Subject Matter
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99.1 Press release of the Company, dated February 14, 1996.
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Exhibit 99.1
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FOR IMMEDIATE RELEASE
Contact: William J. McCarthy
President and Chief Executive Officer
Willoughby, Ohio, February 14, 1996 - ABS Industries, Inc.
(NASDAQ: ABSI) announced today that it has been informed by the principal
lenders to its operating subsidiaries, Colfor, Inc. and Colmach, Inc. that
those lenders have filed an involuntary petition against Colfor and Colmach
under chapter 11 of the Bankruptcy Code in Canton, Ohio. The lenders also
indicated that the petition is accompanied by a petition for appointment of a
trustee in bankruptcy for Colfor and Colmach, and a hearing has been scheduled
for Thursday morning, February 15, 1996 at 9:00 a.m.
ABS also announced that it still has been unable to complete the
preparation of its financial statements for the year ended October 31, 1995
because of uncertainties in some of its accounting entries.
William J. McCarthy, President and Chief Executive Officer stated, "It
is with deep regret I announce that health concerns of Mr. Robert H. Craft
caused him to resign as a Director and as Chairman of the Board of ABS last
week. Mr. Craft is suffering from a medical condition that makes it
impractical for him to devote the attention to Board activities necessary in
the current circumstances of the Company. He will continue to advise the Board
as a consultant to the extent that his health permits." The remaining three
directors have elected Mr. McCarthy to the position of Chairman of the Board
in addition to his position as President and Chief Executive Officer of ABS,
effective February 9, 1996.
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.
