Carpet Holdings acquires IQ Management

Business Wire, Nov 14, 1996

GULFPORT, Miss.--(BUSINESS WIRE)--Nov. 14, 1996--Carpet Holdings, Incorporated (the Company) today announced that it had acquired 100% of the issued and outstanding common shares of IQ Management, Inc., a Virginia corporation (IQ).

The Company exchanged 10,600,000 of its common shares and 300,000 of its preferred shares for all of the common shares of IQ. As a result, IQ has become a wholly-owned subsidiary of the Company, along with Carpet Mart, Inc.

The management of IQ has become the management of the Company. Luis Quinonez, the former sole shareholder of IQ has become the president and chief executive officer, as well as a director, of the Company. Paul Ellis, the former president of the Company, remains a director of the Company. Thomas Swarck has become a director of the Company.

IQ, which is headquartered in Arlington, Va., is in the business of providing contract health care on U.S. military facilities.

Quinonez, the new president of the Company, said that this acquisition will provide a unique opportunity for the shareholders of the Company to participate in the profound changes which are taking place in the business of health care delivery.

Carpet Holdings, Incorporated trades on the NASDAQ Bulletin Board symbol CRHI.

CONTACT: Carpet Holdings, Inc., Gulfport

Paul Ellis, 601/868-3900