Canton Property noted as prime location for major hotel site.

Industrial Corp. (BSE:CND)(OTC BB:CICP) announced today that the Wallace-Bennett property owned by Wasatch Capital Corp., a subsidiary of Canton, is part of the proposed site to build a hotel to accommodate the nearly completed Salt Palace Convention Center in downtown Salt Lake City.

The findings of a $40,000 taxpayer report commissioned by Salt Lake County officials indicated that the Arrow Press Square site is the optimal location for hotel expansion in downtown Salt Lake City. Marriott was listed as the ideal builder of this potential 600-room addition, which addition would allow it to be a 1000-room hotel seen by many to be the minimum number of rooms needed to host a major convention.

With the completion of the Salt Palace Convention Center in addition to Salt Lake City's award of the 2002 Winter Olympics, downtown Salt Lake City is in dire need of additional hotel accommodations. Canton believes the results of this report justify its valuation of the Wallace-Bennett property at up to $6.5 million.

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.

CONTACT: Canton Industrial Corp., Salt Lake City

Kent Isom, 801/575-8073