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BURNUP & SIMS ANNOUNCES EXECUTION OF AGREEMENT TO ACQUIRE CHURCH & TOWER

 FORT LAUDERDALE, Fla., Oct. 19 /PRNewswire/ -- Burnup & Sims (NASDAQ: BSIM) announced today that it has entered into an agreement to acquire all of the capital stock of Church & Tower, Inc. and Church & Tower of Florida, Inc., South Florida-based telecommunications service companies. In addition to customary conditions, the agreement is subject to, among other things, satisfactory completion of due diligence by Nov. 1, 1993, receipt of financial advisory opinions, agreement no later than Nov. 4, 1993 as to the number of Burnup shares to be exchanged, and approval by the board of directors and stockholders of Burnup. The agreement is also subject to the execution of an agreement between Burnup and National Beverage Corp. providing for the elimination of the ownership of Burnup common stock by National Beverage. It is anticipated the acquisition will be consummated in late 1993.
 Nick A. Caporella, chairman of the board and chief executive officer of Burnup, stated, "I am pleased to have successfully completed the initial phase of the negotiations. I believe the combination of Burnup and Church & Tower will generate significant opportunities in the telecommunications industry and, with the recent wave of telephone/CATV mergers, position Burnup for a dynamic future." Caporella concluded, "This Burnup/Church & Tower partnership will maximize value for all shareholders."
 The Church & Tower group provides telecommunications services, including engineering, construction and maintenance for regional telephone companies and long-distance carriers.
 It is contemplated that as a result of the acquisition and related transactions, the stockholders of Church & Tower would collectively own a majority of the outstanding common stock of Burnup and would nominate four directors to a seven-member board. Jorge Mas Jr., president of Church & Tower, Inc., stated, "The combination of Burnup and Church & Tower will position Burnup to capitalize on significant domestic and international opportunities in the telecommunications industry. Church & Tower had been seeking local venture partners for expansion in Asia and Europe and, with the acquisition, will promptly move to finalize these arrangements."
 Opening the lines of communications(TM) across the United States and abroad, Burnup & Sims is a leading telecommunications service company with diversified interests in movie theatres, commercial printing and real estate.
 -0- 10/19/93
 /CONTACT: Diane Allen, office of the president, Burnup & Sims, 305-587-4512/
 (BSIM)


CO: Burnup & Sims Inc.; Church & Tower, Inc. ST: Florida IN: TLS SU: TNM

AW-RK -- FL023 -- 4107 10/19/93 15:22 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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