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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8 - K
CURRENT REPORT
Current Report Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported ) June 23, 1997
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C.H. Heist Corp.
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(Exact name of registrant as specified in charter)
New York 0-7907 16-0803301
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
810 North Belcher Road, Clearwater, Florida 33765
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (813) 461-5656
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(Former name or former address, if changed since last report)
Exhibit Index: 3
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Item 2: Acquisition or Disposition of Assets
On June 23, 1997, Ablest Service Corp. ("Ablest") a wholly owned
subsidiary of C.H. Heist Corp. ("Company"), acquired the technical staffing and
documentation writing service business of The Kelton Group, Inc., a North
Carolina corporation, ("Kelton Group") pursuant to an Asset Purchase Agreement
("Purchase Agreement"). Ablest intends to combine the Kelton Group's business
with it's recently established Tech Resource division (collectively the "Tech
Resource Group").
Pursuant to the Purchase Agreement, Ablest purchased certain assets,
primarily customer and employee lists, of the Kelton Group, for $300,000 paid
in cash at closing. The purchase price was determined through negotiations and
is expected to be assigned primarily to the estimated value of the intangible
assets acquired. Ablest used funds available to it under it's revolving line
of credit to fund the $300,000 paid at closing.
The sole shareholder of the Kelton Group has also agreed not to compete
with Ablest for three years from the date of closing.
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Item 7: Financial Statements, Pro Forma Information and Exhibits
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(a), (b) Separate, audited financial and pro forma statements for the Kelton
Group are not required, as the Kelton Group does not qualify as
a significant subsidiary to the Company as defined in Article 1.02 of
Regulation S - X.
(c) Exhibits Pages
(2) Asset Purchase Agreement between Ablest, The Kelton Group, A1-A21
Inc., and its Shareholder dated June 23, 1997.
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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, thereunto duly authorized.
Dated: July 7, 1997
C. H. Heist Corp.
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(Registrant)
/s/ Mark P. Kashmanian
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Mark P. Kashmanian
Treasurer, Chief Accounting Officer
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