Bentley Reaches Bankruptcy Settlement For Janco Subsidiary

Furniture World Magazine

Bentley International, Inc., a St. Louis-based company whose operating subsidiary Windsor Art, Inc. is located in Los Angeles, has reached an agreement that has been approved by the U.S. Bankruptcy Court which releases Bentley, its subsidiary Windsor and all of Bentley's officers, directors and shareholders from any liability connected with the bankruptcy of a subsidiary, Janco Designs, Inc. Pursuant to the agreement, Bentley will pay the bankruptcy estate approximately $85,000 for the release and the estate will use $45,000 of its assets to reduce certain debts of Janco which Bentley guaranteed. As a result of the settlement, Bentley will remove approximately $1,174,000 in liabilities from its balance sheet and record an equivalent amount as extraordinary income on a non-recurring basis. For 1997, Bentley expects to report earnings in excess of $2,442,000 or $0.87 per share. Of this, approximately $1,174,000 or $0.42 per share is attributable to the settlement and approximately $1,268,000 or $0.45 per share are operating earnings generated by Bentley's Windsor Art subsidiary. Sales in the first two months of 1998 increased approximately ten percent (10%) compared to the same period in 1997. Bentley Chief Financial Officer Ramakant Agarwal says that the company's plan for future growth is to invest in and expand businesses that profit from intellectual and human capital, such as specialty marketing firms. "These businesses produce a very high return on equity," says Agarwal, "require little debt, generate substantial cash flow and possess significant growth potential." Toward that end, Bentley's initial focus will be to acquire specialty marketing companies. Bentley International currently trades on the OTC Bulletin Board under the symbol, "BNTL," for approximately $1.25 per share. For more information or inquiries, contact Ramakant Agarwal at Bentley at 562-949-5412.