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IPALCO ENTERPRISES ISSUES STATEMENT ON OFFER TO PURCHASE PSI RESOURCES

 INDIANAPOLIS, Indiana, April 1, 1993 -- IPALCO Enterprises, Inc., (NYSE: IPL) said today that it is disappointed that the Board of Directors of PSI Resources, Inc. (NYSE: PIN) has recommended to PSI's shareholders that they reject IPALCO's offer to purchase PSI for $26.50 per share in cash and stock.
 "Our offer is clearly economically superior to the proposed CG&E/PSI merger for PSI shareholders, yet the PSI Board chooses to ignore that fact. PSI's rhetoric demonstrates either an attempt to mislead or a complete lack of understanding of our proposal," said John R. Hodowal, chairman, president and CEO of IPALCO.
 "We are confident that we will achieve the $1.6 billion in savings and other benefits we have identified and will obtain all necessary regulatory approvals. IPALCO is prepared to demonstrate the superiority of its proposal to all involved constituencies -- customers, shareholders, and the citizens of Indiana -- in the proper forums," Hodowal said.
 IPALCO intends to proceed with its tender offer directly to PSI stockholders and its plans to elect a slate of five prominent Indiana residents to PSI's Board at PSI's 1993 annual meeting of stockholders.
 -0- 4/1/93
 /CONTACT: Susan Hanafee or Marni Lemons, both of IPALCO Enterprises, Inc., 317-261-8763, or Josh Pekarsky of Kekst and Company 212-593-2655, for IPALCO Enterprises, Inc./
 (IPL, PIN)


CO: IPALCO Enterprises, Inc.; PSI Resources, Inc. ST: Indiana IN: OIL SU:

LD -- NY124 -- 2313 04/01/93 19:26 EST
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Date:Apr 1, 1993
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