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CINCINNATI GAS & ELECTRIC COMPANY ISSUES STATEMENT ON IPALCO ANNOUNCEMENT

 CINCINNATI, Aug. 20 /PRNewswire/ -- The Cincinnati Gas & Electric Company (NYSE: CIN) said today it is pleased by the announcement of IPALCO Enterprises, Inc., that its management will recommend termination of its exchange offer for PSI Resources, Inc. if its slate of nominees for PSI's board of directors is not elected at PSI's annual meeting of shareholders on Aug. 23, 1993.
 "This is great news that IPALCO will drop its expensive and time consuming effort to derail our merger with PSI. After the PSI slate is elected, we will be able to go forward quickly to complete the establishment of CINergy Corp.," said Jackson H. Randolph, chairman, president and chief executive officer of CG&E.
 He added, "We have said all along that IPALCO did not have a regulatory plan that could be approved and was simply trying to block CINergy. This is strong evidence that we were right."
 Randolph said CG&E and PSI will work closely together to complete the merger of the two companies and to begin delivering benefits to their shareholders and customers.
 -0- 8/20/93
 /CONTACT: Steve Brash, 513-287-2226, or (home), 513-231-6895, or (investors) Jim Mosley, 513-287-2367, or Bill Shaefer, 513-287-3852, all of Cincinnati Gas & Electric Company/
 (CIN IPL)


CO: Cincinnati Gas & Electric Company; IPALCO Enterprises, Inc. ST: Ohio IN: OIL SU:

TS -- NY042 -- 4738 08/20/93 15:37 EDT
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Publication:PR Newswire
Date:Aug 20, 1993
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