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KINARK ANNOUNCES PLANS TO RAISE $1 MILLION IN EQUITY CAPITAL

 TULSA, Okla., Dec. 30 /PRNewswire/ -- Kinark Corporation (AMEX, PSE: KIN) announced today that it plans to raise $1 million in new equity capital from a private placement of its common shares with Altair Corporation. Paul R. Chastain, chairman and chief executive officer of Kinark said, "The new funds will be used to further the policy of the board of directors to reduce bank debt and position the company for growth."
 According to Mr. Chastain, "The company's board of directors has approved a transaction to sell 206,612 shares of restricted stock to Altair at a price of $4.84 per share." Mr. Chastain added, "The sale should be completed soon and is subject to the company receiving an independent fairness opinion and agreeing on the language of a restrictive legend." Kinark has engaged the investment banking firm of Robert W. Baird & Co. Incorporated as its financial advisor in the transaction.
 The privately owned Altair Corporation presently beneficially owns together with its president, Garry Brainin, 11.1 percent of Kinark's stock. Three representatives of Altair, including Mr. Brainin, serve on Kinark's seven-member board of directors. As a result of the contemplated sale, Mr. Brainin's and Altair's beneficial ownership in Kinark will increase to 15.5 percent.
 Kinark Corporation with corporate headquarters in Tulsa, operates chemical facilities in Chicago and Montgomery, Ala., and supports industrial/commercial construction and metals corrosion protection with galvanizing plants in Denver, Louisville, Nashville, St. Louis, Houston and Hurst, Texas.
 -0- 12/30/92
 /CONTACT: Carolyn A. Fredrich of Kinark Corporation, 918-494-0964/
 (KIN)


CO: Kinark Corporation ST: Oklahoma IN: OIL SU:

PS-OS -- NY008 -- 0553 12/30/92 10:18 EST
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Publication:PR Newswire
Date:Dec 30, 1992
Words:272
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