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HQ OFFICE INTERNATIONAL, INC. ANNOUNCES SALE OF GREAT CANADIAN OFFICE SUPPLIES WAREHOUSE STORES

 HQ OFFICE INTERNATIONAL, INC. ANNOUNCES SALE
 OF GREAT CANADIAN OFFICE SUPPLIES WAREHOUSE STORES
 RICHMOND, British Columbia, Jan. 20 /PRNewswire/ -- HQ Office International Inc. (NASDAQ: HQOI) announced today that it had entered into a letter of intent with Office Depot Inc. (NASDAQ: ODEP) to sell substantially all its assets including the seven Great Canadian Office Supplies Warehouse locations in Western Canada. This letter of intent is subject to, among other things, negotiation of a definitive purchase agreement between HQ Office International Inc. and Office Depot Inc. and approval by the shareholders and board of directors of HQ Office International Inc.
 "This agreement enables Office Depot to enter the important Canadian market with an established base of five existing stores, leases for two additional stores and a staff of office products professionals already experienced in doing business in Canada," said Mark Begelman, president and chief operating officer of Office Depot Inc.
 Office Depot is the world's largest chain of office products superstores and currently operates 235 stores in 29 states.
 "The entire Great Canadian team is excited about the opportunity to become part of Office Depot and the ability to continue its expansion plans," said George Handgis, president and chief executive officer of HQ Office International Inc.
 Great Canadian Office Supplies Warehouse currently operates five stores in Canada, including two in Edmonton and one store each in Victoria, Calgary and Richmond (Greater Vancouver).
 Begelman and Handgis say that they expect the transaction to be consummated in March, 1992.
 In connection with the sale, HQ Office International, Inc. expects to provide for the assumption of payment of its outstanding liabilities. The company intends to wind up and dissolve as soon as practical after the consummation of the transaction. Remaining proceeds, if any, will be distributed to stockholders of the company. Management anticipates that any such distribution would be nominal.
 -0- 1/20/92
 /CONTACT: Bruce Fuller of Pacific Partners, 604-681-6087/
 (HQOI ODEP) CO: HQ Office International, Inc.; Office Depot Inc. ST: British Columbia IN: REA SU: TNM


KJ -- LA020 -- 1574 01/20/92 18:12 EST
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Publication:PR Newswire
Date:Jan 20, 1992
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