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ANDAL CORP.: RESTRUCTURING OF ITS MULTI-ARC BUSINESS AND SALE OF STEVE'S STOCK

 NEW YORK, Sept. 1 /PRNewswire/ -- Andal Corp. (OTC: ADLN) today announced that its shareholders have approved the restructuring of its Multi-Arc Division through Multi-Arc Inc., a newly formed wholly owned subsidiary of the Company. The Company believes that the restructuring may facilitate the refinancing of the Company's current bank loans and may make it possible to raise capital through future sales of Multi-Arc Inc. stock. Multi-Arc is engaged in surface enhancement as a leading provider of thin-film metal coating services and systems.
 Andal also announced that it has agreed to sell 2,000,000 shares, at a cash price of $.75 per share, of its ownership in Steve's Homemade Ice Cream, Inc. (Nasdaq Small Cap: STVEA) to Steve's and a group of individuals to be designated by Steve's, including certain officers and directors of Steve's. The sale is expected to take place shortly and will result in a loss to Andal of approximately $800,000. After the sale Andal will continue to own 352,700 shares of Steve's, or approximately 3% of Steve's outstanding common stock.
 -0- 9/1/94
 /CONTACT: Michael S. Huber of Andal, 212-688-4440/
 (ADLN STVEA)


CO: Andal Corp.; Multi-Arc Inc.; Steve's Homemade Ice Cream, Inc. ST: New York IN: SU:

TW -- NY041 -- 7653 09/01/94 10:19 EDT
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Publication:PR Newswire
Date:Sep 1, 1994
Words:213
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