Canton Financial revises offer to acquire undervalued REITs.

SALT LAKE CITY--(BUSINESS WIRE)--June 7, 1995--Canton Financial Services Corp., a subsidiary of the Canton Industrial Corp. (BSE:CND) (OTC BB:CICP), Wednesday announced that it has revised its firm offers to several real estate investment trusts (REITs).

On May 23, 1995 Canton Financial made offers to acquire the assets of 11 REITs. To date, all but a few of the REITs have officially turned down Canton Financial's offer. After further study of the 11 original REITs, Canton Financial has selected the five that it believes will benefit most from the company's proposal to acquire 80 percent interests in the selected REITs.

Canton Financial is offering to pay to the existing shareholders, cash in an amount slightly above current market prices and in addition, allow the shareholders to retain their shares. Canton Financial's offer was made directly to each REIT's board of directors and will commence on the 6th day of June and expire on the 13th day of June, unless otherwise extended. Canton has made firm offers to the following REITs: -0-

COMPANY                                       EXCHANGE
-------                                       --------
American Industrial Properties REIT          NYSE - IND
Banyan Mortgage Investment Fund              NYSE - VMG
Banyan Short Term Income Trust               AMEX - VST
Banyan Strategic Land Fund II              NASDAQ - VSLF
Mission West Properties                      AMEX - MSW

OFFER SPECIFICS

A combination of these companies would create an entity with approximately $360 million in assets and shareholder equity in excess of $230 million. Canton Financial will pay in cash, a value slightly above the June 5th closing market prices. In exchange, Canton Financial will be authorized and issued an 80 percent interest in the REITs.

The money paid by Canton Financial to the REITs will be promptly distributed to the REIT's shareholders as a special dividend or a return of capital distribution, in the manner which would allow the most favorable tax treatment for the shareholders. Current shareholders will in effect receive current market prices while still being able to retain their shares while at a lower percentage of ownership.

This offer presumes that no material adverse changes in the business or financial condition of each REIT will take place between the date of its last audited financial statements and the date of closing. This offer is conditioned upon full compliance with all federal and state laws, and the assumption is that all such applicable laws, rules, and regulations would be fully complying with as the matter proceeds further for approval.

In addition, this offer is directed only to the board of directors of each company, and is not a tender offer to the shareholders.

OFFER RATIONALE

Over the past few years investor interest in Real Estate Investment Trusts (REITs) has grown tremendously due to securitized mortgages, falling interest rates and changes in pension fund investment policy. From 1993 to 1994 Wall Street raised over $23 billion in REIT equity. To date, the influx of new capital has created approximately 300 tax-qualified REITs with average total assets over $250 million and an average market capitalization of approximately $170 million.

In addition, REITs now hold more than $30 billion worth of real estate.

While creating several large, high quality REITs, the new capital has in turn generated an environment of instability for many Small-Cap REITs. The expansion of REIT IPOs, which have typically been structured with conservative debt to equity ratios, has created a more prudent investment climate. Today, REIT investors require greater marketability, Wall Street coverage and dependable cash flows, much of which Small-Cap REITs are not equipped to offer.

As a result, smaller REITs are having a difficult time raising capital to acquire additional properties or upgrade existing properties. Because of these dynamics the growth of many Small-Cap REITs will be severely limited. In order to provide shareholder value, Small-Cap REITs must either liquidate or consolidate with other REITs in order to form a more attractive entity.

Canton Financial has selected five REITs that have had consistent losses, are trading well below book value and have historically returned significantly less than industry averages. Canton Financial believes that its offer will provide shareholders with an opportunity to maximize the value of their initial investments.

Canton Industrial Corp. is an international holding company. Through its subsidiaries, Canton provides a wide range of financial consulting services to corporations, institutions, and professional firms in markets throughout the world. The company employs over 30 professionals that include attorneys, accountants, financial consultants and support staff.

For Extended Information On the Offer, please call: 800/574-4179 or Via Internet World Wide Web: http://www.teleport.com/ dtpdx/cichome.htm

-0-

                        STATISTICS
                       in Millions

Mission West Properties          1994    1993    1992    1991    1990
General & administrative        $1.20    1.38    1.49    1.69    1.99
Shareholder equity               14.7    16.5    17.7    19.0    20.6
Net income (loss)               (1.94)  (1.06)  (0.82)  (0.87)   2.53

Banyan Short Term Income Trust   1994    1993    1992    1991    1990
Directors, professional, and
 G & A fees                     $0.86    0.83    0.91    1.34    0.95
Shareholder equity               26.5    24.9    26.9    29.4    32.7
Net income (loss)                1.77   (1.54)  (1.73)  (4.23) (19.56)

Banyan Strategic Land Fund II    1994    1993    1992    1991    1990
Directors, professional, and
 G & A fees                     $2.18    1.77    2.46    1.68    1.52
Shareholder equity                 44      73      80      94     104
Net income (loss)               (29.7)  (6.23)  (14.7)  (11.9)  (14.5)

Banyan Mortgage Investment Fund  1994    1993    1992    1991    1990
Directors, professional, and
 G & A fees                     $2.75    2.25    2.13    2.75    2.26
Shareholder equity               90.7    99.9    98.7   104.4   125.4
Net income (loss)               (12.1)    1.1    (5.6)  (21.0)  (60.0)

American Industrial Properties   1994    1993    1992    1991
Trust Admin. & fees to advisor  $2.53    2.43    1.32    1.35
Shareholder equity               24.2    28.8    38.2    57.5
Net income (loss)               (4.65)  (7.87) (17.60)  (9.16)

Source: Information from financial statements issued by the
respective company or Dow Jones News Retrieval.

CONTACT: Canton Industrial Corp., Salt Lake City

L.J. Perry, 801/575-8073 or 801/575-8092 (fax)