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IPALCO ENTERPRISES ISSUES STATEMENT ON PSI MANAGEMENT

 INDIANAPOLIS, July 2 /PRNewswire/ -- The following statement was released today by IPALCO Enterprises, Inc. (NYSE: IPL):
 We are surprised at the action taken today by the boards of directors of PSI Resources and Cincinnati Gas & Electric Company given the onerous provisions of the Public Utility Holding Company Act of 1935.
 We are surprised that the boards of PSI and Cincinnati G&E did not take this opportunity to give serious consideration to IPALCO's proposal to acquire PSI.
 Our initial reaction is that it represents a blatant attempt to entrench the top management of Cincinnati G&E and PSI without regard to the best interests of customers and shareholders.
 We believe the shareholders of PSI will react in strong opposition to this most recent attempt to correct their initial transaction, which was declared illegal last week by the Indiana Utility Regulatory Commission.
 We will continue to press forward with renewed vigor our efforts to elect five directors to PSI's board of directors at PSI's annual meeting on July 29, 1993.
 IPALCO Enterprises, Inc. is offering, upon the terms and subject to the conditions set forth in its prospectus dated April 21, 1993, and in the related letter of transmittal supplement, to exchange $26.50 per share in cash for 10,754,717 shares of PSI common stock and .6906 shares (subject to adjustment) of IPALCO common stock for each remaining share of PSI common stock. The offer will expire at 12:00 midnight, New York City time, on July 30, 1993, unless extended by IPALCO. IPALCO may extend the offer by giving written or oral notice of such extension to the exchange agent. Any such extension will be followed as promptly as practicable by public announcement.
 -0- 7/2/93
 /CONTACT: Susan Hanafee, 317-261-8763, or Marni Lemons, 317-261-8219, or pager, 317-461-9578, both of IPALCO Enterprises, Inc./
 (IPL)


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

TM -- NY056 -- 8365 07/02/93 19:05 EDT
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Publication:PR Newswire
Date:Jul 2, 1993
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