Article: Earl Scheib Signs Letter of Intent to Be Acquired by Elden Holding Group, LLC.

Business Editors

SHERMAN OAKS, Calif.--(BUSINESS WIRE)--May 20, 2004

The Board of Directors of Earl Scheib, Inc. (AMEX:ESH) (the "Company") approved the execution of a Letter of Intent with Elden Holding Group, LLC ("Elden"), a private real estate investment company whereby Elden will acquire all of the Company's issued and outstanding capital stock for approximately $15,000,000 (the "Purchase Price"), plus assumption of certain transaction and related costs estimated at over $2,000,000. Elden has received a preliminary financing commitment from Kimco Realty Corporation (NYSE:KIM) to provide acquisition financing. The Company currently has approximately ...

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