IF ANYONE IS STILL INTERESTED:
JOE PPP
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TULSA--(BUSINESS WIRE)--Aug. 11, 1997--Corporate Vision, Inc. (OTC BB: CVIA) today announced a reorganization of the Company.
The results of a meeting of the Board of Directors held today were:
The Board ratified the acquisition of T.L. Phipps & Company, Inc. and the plan to consolidate operations at Phipps' 17,000 square foot production studio at 4545 South Mingo Road. The production facility at 8908 South Yale Avenue has been closed, excess equipment has been sold, and the employees have been terminated.
Sheryl Mabie, founder of CVI, resigned as President, CEO and Chairman of the Board. Rhonda Vincent resigned as Vice President, Secretary, Treasurer and Director. The resignations were effective immediately. Jack Arnold, a member of the Board of Directors, was elected Chairman.
The Board was informed that approximately $300,000 of the $1.5 million in corporate bonds sold, announced on April 24, 1997, had not yet been received.
The Board has appointed Jack Arnold as President and CEO of the Company. "The reorganization positions the Company as a single operating entity, combines assets and allows CVI to more efficiently deliver video and multi-media products," stated Arnold.
For further information, contact Jack Arnold, Chairman at (918) 743-1090.
CONTACT:
Corporate Vision
Jack Arnold, (918) 743-1090
KEYWORD: OKLAHOMA
BW1442 AUG 11,1997
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