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ALPINE GROUP CLOSES $4.5 MILLION CONNECTICUT FINANCING PACKAGE FOR POLYVISION FLAT PANEL DISPLAY START-UP

 NEW YORK, Dec. 11 /PRNewswire/ -- The Alpine Group, Inc. (AMEX: AGI) announced today that it has closed a $4.5 million financing package with the State of Connecticut Department of Economic Development. The package includes $2.5 million of 9 percent Convertible Preferred Stock, convertible into common stock at $10 per share; a $1.25 million term loan due 2002; and $750,000 in product development advances.
 Steven S. Elbaum, chairman and chief executive officer of Alpine Group, said, "The proceeds of the financing will be used by our Alpine PolyVision, Inc. subsidiary in connection with the start-up of its flat panel display manufacturing operations in Wallingford, Conn., in early 1993."
 "This financing package is one of many innovative and aggressive programs being used by the State of Connecticut to rejuvenate the economy and create jobs," Economic Development Commissioner Joseph J.
McGee said. "Connecticut provides its high quality of life, skilled work force, and long record of top-flight manufacturing to the Alpine Group, which has a product for the 1990s and beyond," Commissioner McGee added. "This is a partnership between the public and private sectors in which both partners bring the best together."
 The Alpine Group, Inc. is a holding company with continuing operations in information display and defense electronics and datacommunications businesses. Through its Alpine PolyVision, Inc. subsidiary, Alpine is developing PolyVision, a proprietary flat panel display technology, for commercial applications in a wide variety of markets. A recently acquired subsidiary, Dataproducts New England, Inc., specializes in the advanced design, development and production of datacommunications, avionics, printers and other components and systems for government and commercial markets. Alpine's information display activities also include Posterloid Corporation, which manufactures and markets menuboard display systems to fast food and convenience store markets.
 -0- 12/11/92
 /CONTACT: June Filingeri or Bernie Kilkelly both of Morgen-Walke Associates, 212-986-5900, for the Alpine Group/
 (AGI)


CO: The Alpine Group, Inc. ST: New York IN: SU:

LR -- NY013 -- 6129 12/11/92 09:49 EST
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Publication:PR Newswire
Date:Nov 13, 1992
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