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HOLOPAK TECHNOLOGIES TO ACQUIRE ALUBEC INDUSTRIES

 HOLOPAK TECHNOLOGIES TO ACQUIRE ALUBEC INDUSTRIES
 EAST BRUNSWICK, N.J., Nov. 12 /PRNewswire/ -- HoloPak Technologies,


Inc. (NASDAQ: HOLO) announced today that it signed a definitive agreement whereby Alubec Industries Inc. (Montreal: ALZ) will merge with a subsidiary of HoloPak and become a wholly-owned subsidiary of HoloPak. Alubec is in the business of laminating aluminum foil to paper and paperboards for the printing and packaging industries. Alubec also manufactures florist foil, food wrap, lids, interleaved sheets and decorating foil.
 The merger will provide for the payment of cash and the issuance of HoloPak stock for Alubec stock, with such cash and HoloPak stock having a total value of approximately $7.3 million (U.S.) based upon HoloPak's closing stock quotation as of Nov. 12. The shares to be issued will represent approximately 6 percent of HoloPak's shares after the merger. The merger will also provide for the issuance of warrants to purchase an aggregrate of 200,000 HoloPak shares, at $10.00 per share. The warrants will become exercisable only if Alubec achieves a certain earnings target over a three year period.
 Alubec's earnings from continuing operations in 1991 were $1.2 million (Can.) on consolidated sales of $15.1 million (Can.).
 "The merger will increase our manufacturing capabilities and enable our expansion into new markets with new products," said David W. Jaffin, chief financial officer of HoloPak. "Alubec's manufacturing capabilities complement Holopak's to a large extent. In particular, Alubec's expertise in paper, paperboard and packaging will give tremendous impetus to our introduction of embossed and metallized papers. Alubec has a long and profitable history and has a first-class management."
 The merger is subject to approval by Alubec's stockholders and receipt of necessary regulatory approvals, which may be completed on or after Dec. 31, 1992.
 HoloPak Technologies, Inc. is a leading specialty manufacturer of holographic images, hot stamp foils, diffractive films and laminates used to decorate or label a wide variety of products including packaging and promotional materials, greeting cards, paperback book covers, cosmetics, appliances, and sporting goods. Three-dimensional holograms are also used in security/anti-counterfeiting applications.
 -0- 11/12/92
 /CONTACT: David W. Jaffin of HoloPak Technologies, Inc., 908-238-2883/
 (HOLO) CO: HoloPak Technologies, Inc.; Alubec Industries Inc. ST: New Jersey IN: SU: TNM


WB -- NY101 -- 0428 11/12/92 17:36 EST
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Publication:PR Newswire
Date:Nov 12, 1992
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