Corimon completes restructuring of Standard Brands.

CARACAS--(BUSINESS WIRE)--May 17, 1995--Corimon, S.A.C.A. (NYSE:CRM), a Venezuelan multinational company, today announced that it has completed a financial restructuring of Standard Brands, acquiring 77% of its outstanding shares for a total consideration of US$18 million. In addition, at a special meeting of Standard Brands' stockholders on May 16, 1995, four of Standard Brands' eight directors were appointed.

The restructuring proposal was approved by the holders of 64% of Standard Brands' outstanding stock. The principal elements of the restructuring were a 1 for 10 reverse stock split, the acquisition by Corimon of shares of common stock and preferred stock, the exchange of US$16 million of Standard Brands outstanding debt for newly issued shares of common stock and preferred stock, the transfer of 15 of the company's real estate properties to the real estate liquidating trust established in 1994 and the sale of the company's residual interest in such trust to Corimon and Standard Brands' prior debt holders.

As a result of the restructuring, Standard Brands' financial position was improved by an infusion of US$16 million of new capital, US$5 million under a working capital facility with a leading U.S. institution which is a major shareholder of Standard Brands, and a reduction in the company's consolidated indebtedness by an aggregate of approximately US$78.3 million. Standard Brands had 1994 sales of US$112 million, approximately 50% of which was derived from paint and related products. The company distributes floor coverings, window treatments and special order wall coverings in addition to other home decorating items. Through its 58 stores and direct outside sales from its wholly-owned subsidiary, Major Paint, Standard Brands is one of the west coast's premier suppliers of paint and home decorating products. The company's headquarters, distribution warehouse and paint plant are located in Torrance (Los Angeles), Calif.

Both Standard Brands and Corimon will benefit significantly from the economies of scale resulting from the consolidation of paint-related and home decorating product purchases.

Philippe Erard, chairman of the board of directors of Corimon, said, "Standard Brands represents a major opportunity to implement our growth strategy in the paint, coatings and related products market while supporting our expansion into the United States and improving our access to the international equity and credit markets. We have put together a team of experienced and dedicated people in order achieve our long-term goals, which coincide with our strategy of becoming a leader in the international market."

CONTACT: Corimon

Gaby Planchart

011/582-203-5568

or

Ludgate Communications

Erin Burke/Liann Schottenstein

212/688-5144