Chromcraft Revington announced that it is currently in negotiations with certain members of its management team interested in acquiring the company. The company has entered into a non-binding letter of intent and term sheet with RMMJ, a Delaware limited liability company led by Ronald H. Butler, chairman and CEO of the company, for the purpose of effecting the acquisition. The non-binding letter of intent and term sheet contemplates a $5M valuation of the company with record stockholders receiving cash in exchange for each common share held based upon a final valuation amount and the number of shares then outstanding. The company's entry into any such definitive agreement will require the approval of the independent members of the company's board. Additionally, the definitive agreement will require the approval of the holders of a majority of the company's outstanding common stock.
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