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AN-CON GENETICS ANNOUNCES ACQUISITION AGREEMENT

 MELVILLE, N.Y., April 20 /PRNewswire/ -- An-Con Genetics, Inc. (NASDAQ: ANCN) announced today that it had reached an agreement to acquire all of the outstanding shares of Aaron Medical Industries, Inc.; a Florida corporation engaged in the design, manufacture, and marketing of battery-operated lighting devises for industrial and medical uses, battery-operated cauteries, power supplies, and electrosurgical devices. These products are sold to hospitals nationally and in Europe through a distribut*r network.
 Aaron and its predecessor corporations, in business since 1976, filed for reorganization under Chapter 11 of the Bankruptcy Act during 1988 and was discharged from said proceedings in February 1992.
 For calender 1992, Aaron's unaudited financial statements disclosed net profit in the amount of $377,789 on sales volume of $2,954,523. Total assets shown were $865,000 and total liabilities were $338,434.
 The agreement provides, subject to a recapitalization of An-Con and the approval of Aaron shareholders, for the exchange of all of the outstanding shares of Aaron for 50 percent of the shares of An-Con (on a fully diluted basis).
 The consummation of this transaction is also subject to the receipt of certified financial statements of Aaron for the years ended Dec. 31, 1991/1992.
 Upon consummation of this transaction, An-Con, which markets OmniFix II, a non-aldehyde tissue fixative, to hospitals and medical research laboratories, will seek new capital through a secondary offering of its securities. Funds thus obtained will be used to expand its product lines, as well as to support an aggressive expansion of Aaron's manufacturing and marketing capabilities.
 An-Con's management believes that with such support, Aaron's sales and profitability can markedly improved.
 -0- 04/20/93
 /CONTACT: A. Makrides, president of An-Con Genetics, 516-694-8470/
 (ANCN)


CO: An-Con Genetics, Inc. ST: New York IN: MTC SU: TNM

CK-AH -- NY040 -- 7945 04/20/93 10:42 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
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