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ANGELES CORP. APPOINTS CARROLL VINSON PRESIDENT AND CHIEF EXECUTIVE OFFICER

 LOS ANGELES, Feb. 3 /PRNewswire/ -- Angeles Corp. (AMEX: ANG) has announced the appointment of Carroll D. Vinson as president and chief executive officer, and his election as a director of the company.
 Angeles announced in November 1992 that chairman and chief executive officer William H. Elliott would be stepping down as chief executive officer in order to spend half of his time as a senior executive with Insignia Financial Group Inc. Elliott will remain chairman of the board and is currently the largest stockholder of Angeles.
 Joseph Cattivera, currently Angeles president, will commit all of his time to Angeles' wholly owned subsidiary, Factory Merchants Malls Inc. Cattivera was already serving as chief executive officer of the rapidly expanding unit, but with its relocation to California, has assumed full-time responsibility as president and chief executive officer.
 Vinson was most recently president of Insignia Capital Corp., a unit of Insignia Financial Group Inc. He was president of U.S. Shelter Corp. prior to joining Insignia in 1990. A certified public accountant, Vinson is also a director of Synalloy Corp.
 Elliot said he had known Vinson for several years and considered it very fortuitous that he had agreed to take the position with Angeles.
 -0- 2/3/93
 /CONTACT: Steve Leach of Angeles, 800-421-4374, ext. 598, or 310-284-3598/
 (ANG)


CO: Angeles Corp. ST: California IN: FIN SU: PER

EH-JL -- LA012 -- 6777 02/03/93 11:13 EST
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Publication:PR Newswire
Date:Feb 3, 1993
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