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GROW GROUP COMPLETES SALE OF AQUACHEM TO BIO-LAB

 NEW YORK, May 4 /PRNewswire/ -- Grow Group, Inc. (NYSE: GRO) said today that the previously-announced sale of certain assets and liabilities of its AquaChem division to BioLab, Inc., a subsidiary of Great Lakes Chemical Corp. (NYSE: GLK), has been completed.
 Cash received from Bio-Lab, Inc. and from certain assets retained by Grow will be in excess of $20 million. In addition, Grow is entitled to receive future payments based on a percentage of certain net revenues generated by AquaChem for an additional period.
 Mr. Russell Banks, president of Grow Group, commented, "We are pleased to have effected this transaction which will enable our executives and employees to be associated with a company dedicated to the pool and spa chemical industry. To facilitate the transaction during the forthcoming busy season, we have agreed to continue supporting the administration and servicing of current accounts to the end of the current pool season. The closing of this transaction completes our restructuring program for the Consumer and Professional Products Group that started in 1991. This Group is now focussed on our core business of private and control label household products for sale through mass merchandisers and we will continue to build on this growth area."
 -0- 5/4/93
 /CONTACT: Jennifer R. Wall of D.F. King & Co., Inc., 212-269-5550, for Grow Group, Inc./
 (GRO GLK)


CO: Grow Group, Inc.; Bio-Lab, Inc. ST: New York IN: SU:

WB-LD -- NY087 -- 4569 05/04/93 17:26 EDT
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Publication:PR Newswire
Date:May 4, 1993
Words:242
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