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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): October 21, 1998
CAM DESIGNS INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-13886 75-2257039
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(State or other jurisdiction (Commission File Number) IRS Employer
of incorporation) Identification No.)
Birmingham Road, Allesley, Coventry CV59QE, England
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 011-44-1-203-407-700
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
On October 21, 1998 CAM Designs Inc. (the "Company") requested the
appointment of a receiver for the business and assets of its United Kingdom
subsidiaries. This action was taken because of the Company's inability to secure
further credit facilities necessary to conduct the business of these
subsidiaries. The Company is attempting to develop a plan for refinancing and
re-establishment of these business activities but there can be no assurance that
these efforts will be successful. A copy of the Company's press release of that
date is annexed hereto as an exhibit.
Item 7. Exhibits.
99.1 Company's press release dated October 21, 1998.
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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.
CAM DESIGNS INC.
Date: October 21, 1998 By: /s/ John R. Davidson
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John R. Davidson
President and Chief Executive Officer
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CAM DESIGNS INC. ANNOUNCES
RECEIVERSHIP OF U.K. OPERATIONS
NEW YORK, N.Y. and COVENTRY, UK; October 21, 1998 -- CAM Designs Inc.
(NASDAQ: CMDA) today announced that it had incurred a net loss before tax
benefits of approximately $348,000 for its first quarter ended August 31, 1998.
It also reported that, due to the Company inability to secure adequate banking
facilities and in an attempt to reduce outstanding debt, it had today agreed to
have its United Kingdom-based companies, constituting essentially all of the
Company's operations, placed into receivership. CAM, which acts as a holding
company, does not believe it is responsible for any of the liabilities of the
U.K. entities. Management stated that it, together with major stockholders of
the Company, would attempt to reorganize these operations and re-establish the
same for the Company but there can be no assurance that these efforts would be
successful. As a result of the receivership, the Company will shortly file an
8-K Report describing the financial effect of this receivership.
CAM Designs Inc., primarily based in the U.K., is a premier design and
engineering house for the automotive and aerospace industries in Western Europe,
the United States and the Pacific Rim.
Statements in this news release looking forward in time are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that forward-looking statements involve risks and
uncertainties, including general economic conditions, delays and risks
associated with the negotiation, implementation and/or performance of contracts,
consumer and industry acceptance, and regulatory actions and risks. CONTACT:
John R. Davidson, CEO
CAM DESIGNS INC.
011-44-1-203-407-7000 (Coventry, UK)
