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BOCA RATON CAPITAL SIGNS LETTER OF INTENT TO ACQUIRE TRUCKING COMPANY

 BOCA RATON, Fla., Jan. 25 /PRNewswire/ -- Boca Raton Capital Corporation (OTC Bulletin Board: BOCA) today announced it has entered into a letter of intent to acquire Steel City Truck Lines Limited, a wholly owned subsidiary of Mark Four Resources, Inc. (OTC) based in Sault Ste. Marie, Ontario, Canada, for a purchase price calculated at two-times the tangible shareholders' equity of Steel City as of the closing date of the transaction, currently estimated to be approximately $1,560,000 (U.S.). The consideration is expected to be comprised of 500,000 shares of Boca Raton Capital common stock valued at its market price as of the closing date, with the balance paid in convertible preferred stock of Boca Raton Capital. Such preferred stock would be convertible into Boca Raton Capital common stock at $2.00 per share and pay a 5 percent dividend. In addition to acquiring all of the issued and outstanding capital stock of Steel City, Boca Raton Capital also will receive 320,000 shares of Mark Four Resources common stock, which will represent 10 percent of the total issued and outstanding common shares of Mark Four Resources. Following the transaction, Boca Raton Capital and Mark Four Resources will each have a seat on the other's board of directors. The closing of the transaction is expected to occur in March, 1993.
 Steel City Truck Lines Limited, which has been in business since 1966, provides trucking services across Canada and to the United States, particularly the states of Michigan, New York, and Wisconsin. For the fiscal year ended July 31, 1992, Steel City had revenues of approximately $8 million (Can.).
 Commenting further, Gary O. Marino, chairman of Boca Raton Capital, stated, "We are very excited about this proposed transaction. We envision our company's management assisting Steel City with corporate accounting, banking and finance, and acquisition activities, thereby freeing their management to focus on the company's trucking operations. We expect such an arrangement to result in a significant enhancement of Steel City's growth opportunities."
 Boca Raton Capital Corporation is an entrepreneurial holding company which seeks to acquire majority interests in, and provide management expertise to, established operating companies engaged in a wide variety of industries. The company's principal asset is its investment RailAmerica, Inc., an operator and developer of short-line railroads, which operates 196 miles of track in Michigan's "Thumb" region, and which trades on NASDAQ under the symbol "RAIL."
 -0- 1/25/93
 /CONTACT: Irwin J. Newman of Boca Raton Capital Corporation, 407-394-3066; or Barry A. Rothman of Greenstone Roberts Public Relations, 305-975-3500, for Boca Raton Capital Corporation/
 (BOCA)


CO: Boca Raton Capital Corporation; Steel City Truck Lines Limited;
 Mark Four Resources, Inc. ST: Florida, IN: FIN SU: TNM


JB-JJ -- FL007 -- 8514 01/25/93 12:45 EST
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Publication:PR Newswire
Date:Jan 25, 1993
Words:458
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