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DRS INDUSTRIES ANNOUNCES ADDITIONAL FUNDS FOR C-B/MURRAY

 DRS INDUSTRIES ANNOUNCES ADDITIONAL FUNDS FOR C-B/MURRAY
 NEW YORK, Nov. 13 /PRNewswire/ -- DRS Industries, Inc. (NASDAQ: DRSS and DRSSU) today announced that additional funds for the operations of C-B/Murray Industries, Inc. (which as previously announced is expected to shortly file for and operate under Chapter 11 of the bankruptcy code as a result of unexpected losses) are to be raised through the private placement of DRS' $3,000,00 three-year 12 percent secured convertible debentures. DRS will lend the $3,000,000 of proceeds to C-B/Murray collateralized by a lien on all of C-B/Murray's assets junior to the existing lien of C-B/Murray's senior lender. The security to the debentureholders will consist of DRS' junior lien on C-B/Murray's assets and a pledge of the stock of Diversified Retail Services, Inc., a wholly owned subsidiary of DRS which owns C-B/Murray and Mandel-Kahn Industries Inc., DRS' other distribution subsidiary. The debentures will be convertible into common stock of DRS at $1.75 per share, the same exercise price as DRS' outstanding "C" warrants.
 Other material terms of the private placement are subject to negotiation and there can be no assurance that the private placement will be finalized on terms acceptable to DRS.
 -0- 11/13/92
 /CONTACT: John A. Selzer of DRS Industries, Inc., 212-980-9670/
 (DRSS) CO: DRS Industries, Inc.; C-B/Murray Industries, Inc. ST: New York IN: SU:


SM-KW -- NY048 -- 0755 11/13/92 14:09 EST
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Publication:PR Newswire
Date:Nov 13, 1992
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