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ACAP CORPORATION RELEASES 1992 RESULTS

 HOUSTON, March 30 /PRNewswire/ -- Acap Corporation (NASD Electronic Bulletin Board: ACAP) today reported a 1992 net loss of $1,458,734, $.50 per common share, compared to a 1991 net loss of $1,657,796, $.60 per common share. The company stated that the principal factors contributing to the 1992 loss included a $416,000 charge related to the settlement of a lawsuit, a $248,418 increase in the valuation allowance of a mortgage loan, the effect on investment income of the general decline in market interest rates and an increased ratio of general expenses in relation to revenues.
 The company also announced that yesterday its board of directors unanimously approved a 1-for-300 reverse stock split of its common stock, $.10 par value, (the only common stock outstanding) to be effective April 26, 1993. The company will issue one share of "new common stock," $.10 par value, for each 300 shares of existing common stock. In lieu of issuing fractional shares, stockholders will have the choice of (a) receiving $.26 per share for existing common stock or (b) rounding up their holdings by paying $.26 for each 1/300ths of a share of new common stock needed to round up their fractional holdings to a whole share of new common stock. A notice containing details of the terms of the reverse stock split, together with an information statement relating to the annual meeting of stockholders and the company's annual report, will be mailed on or about April 23, 1993 to stockholders of record as of April 15, 1993.
 Acap Corporation is a life insurance holding company. Operations are conducted through its wholly owned subsidiary, American Capitol Insurance Company. Acap's corporate strategy is to make leveraged acquisitions of existing life insurance policies through direct purchase or the acquisition of life insurance companies. The company frequently reviews potential acquisitions for candidates that meet its criteria. At this time, the company is unable to predict the timing of its next acquisition.
 -0- 3/30/93
 /CONTACT: Paul L. Clancy, secretary of Acap Corporation, 713-974-2242/
 (ACAP)


CO: Acap Corporation ST: Texas IN: INS SU: ERN

TS -- NY074 -- 1161 03/30/93 15:07 EST
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Publication:PR Newswire
Date:Mar 30, 1993
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