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CPAC TO ACQUIRE TWO INTERNATIONAL CHEMICAL COMPANIES WITH PROCEEDS FROM PRIVATE STOCK PLACEMENT

 CPAC TO ACQUIRE TWO INTERNATIONAL CHEMICAL COMPANIES
 WITH PROCEEDS FROM PRIVATE STOCK PLACEMENT
 LEICESTER, N.Y., Jan. 30 /PRNewswire/ -- CPAC, Inc. (NASDAQ-NMS: CPAK), recently recognized by Forbes as one of the top 200 small companies in America, today announced the signing of a letter of intent to purchase substantially all of the operating assets of an unidentified European manufacturer of photographic and imaging chemicals.
 Thomas N. Hendrickson, CPAC president and chief executive officer, stated that the target company manufactures both color and black-and- white chemicals similar to those produced by CPAC's domestic subsidiaries, Allied Photo Products Co., Inc., Atlanta, and Trebla Chemical Company, St. Louis. These chemicals are presently being sold by the target company throughout Europe, the Middle East and Northern Africa, he said. According to Hendrickson, the target company has annual sales of approximately $5.6 million.
 On Jan. 29, 1992, the company reported the completed acquisition of a Venezuelan manufacturer of imaging chemicals, Fotoprocesos de Venezuela, C.A.
 Hendrickson stated that CPAC intends to finance both acquisitions through the private placement of 616,000 shares of the company's common stock through an exclusive selling agreement on a best efforts basis. Assuming that all shares are sold, the gross amount of the offering would be $3,850,000, the net proceeds of which would be used to finance the two acquisitions. Any remaining balance would be used for working capital.
 Hendrickson was enthusiastic about the two new chemical companies, indicating they will "accelerate the company's plans for international expansion." As part of that strategic objective, in July 1991, CPAC, Inc., opened a newly constructed chemical manufacturing plant in Herentals, Belgium.
 CPAC, Inc., is a manufacturer of chemicals and pollution control equipment for the worldwide imaging industry.
 -0- 1/30/92
 /CONTACT: Wendy Clay of CPAC, 716-382-3223/
 (CPAK) CO: CPAC, Inc. ST: New York IN: SU: TNM


GK-SM -- NY017 -- 5091 01/30/92 09:07 EST
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Publication:PR Newswire
Date:Jan 30, 1992
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