AUTOSPA <LUBE> TO BUY CONTROL OF CARDIS <CDS>
Autospa Corp said it has signed an
agreement to purchase 2,400,000 shares of eight pct convertible
preferred stock of Cardis Corp -- representing voting control
-- for 15 mln dlrs.
    The company said the preferred purchase will be financed by
an investment group led by Autospa.
    It said it will also receive from Cardis five-year options
to buy 2,400,000 Cardis common shares at 6.25 to seven dlrs
each, depending on the time of exercise, and warrants to
purchase about 3,200,000 shares at 6.60 to 7.60 dlrs each.
    The company said the exercise of all options and warrants
by Autospa would result in a tital investment of 50 to 55 mln
dlrs.  Execution of a definitive agreement is expected by April
22, it said, subject to the completion of financing
arrangements, and closing is expected by May 15.
 Reuter
