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GROW GROUP COMPLETES SALE OF 16.6 PERCENT STAKE TO CORIMON

 GROW GROUP COMPLETES SALE OF 16.6 PERCENT STAKE TO CORIMON
 NEW YORK, Aug. 7 /PRNewswire/ -- Grow Group, Inc. (NYSE: GRO) and Corimon C.A. S.A.C.A. (OTC: CASAY) jointly announced today that they have completed the previously disclosed sale by Grow Group of 2,312,000 newly-issued shares of its common stock to Corimon, at a price of $16.75 per share on an aggregate of $38,726,000. This stake represents approximately 16.6 percent of Grow Group's total common stock outstanding after giving effect to the sale.
 Arthur W. Broslat, Corimon's executive vice president of finance, has joined Grow Group's board of directors, and Philippe Erard, Corimon's chairman and chief executive officer, will join the 12-member board at Grow Group's 1992 annual meeting of shareholders to be held in October 1992.
 As previously announced, Corimon has agreed to customary "standstill" provisions which will continue to be in effect until October 1995. During the standstill period, Corimon will be permitted to increase its ownership position to a maximum of 28 percent of Grow Group's stock through open market or privately negotiated purchases. If Corimon's ownership reaches 27.5 percent, Corimon will be entitled to nominate a third member to Grow's board.
 Russell Banks, president of Grow Group, commented, "We look forward to having Mr. Broslat and Mr. Erard join us in developing our strategic alliance and capitalizing on our combined strengths. Our joint activities will be further enhanced by a reduction in debt levels. Grow's stronger capital position also will enable us to pursue growth through strategic acquisitions and other joint ventures."
 Philippe Erard, chairman and CEO of Corimon, commented, "We are pleased to join forces with Grow Group. The combination of both companies' state-of-the-art technology and market presence will allow us to capitalize on the dynamic economic expansion in the Americas, as well as the growing European market."
 Grow Group is a leading producer of specialty chemical coatings and paints and household products. Grow operations include manufacturing facilities, sales offices and licensees throughout the world.
 Corimon is a leading Venezuela-based manufacturer of paints (marketed under the brand Montana), building materials, chemicals, petrochemicals, processed foods and packaging.
 -0- 8/7/92
 /CONTACT: Jennifer R. Wall of D.F. King & Co., 212-269-5550, for Grow Group; Arthur W. Broslat of Corimon, 011-582-203-5555; or Kay Breakstone of Burson-Marsteller, 212-614-4449, for Corimon/
 (GRO CASAY) CO: Grow Group, Inc.; Corimon C.A. S.A.C.A. ST: New York IN: CHM SU:


AH-OS -- NY030 -- 8054 08/07/92 13:47 EDT
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Date:Aug 7, 1992
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