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MARGO NURSERY FARMS, INC. ANNOUNCES SALE OF CARIPLANT, S. A.

 VEGA ALTA, Puerto Rico, March 30 /PRNewswire/ -- Margo Nursery Farms, Inc. (NASDAQ: MRGO) (the "company") announces the sale of all of the capital stock of Cariplant S. A. ("Cariplant"), the company's wholly owned subsidiary. Cariplant owns and operates a nursery farm located in San Isidro, Dominican Republic.
 The company sold Cariplant to Altec International C. por A. ("Altec"), a Dominican Republic company and certain of Altec's affiliates. Altec is controlled by Byron Smalley, the company's former general manager at Cariplant. The purchasers have agreed to pay the company $1,015,000 for Cariplant, and to forgive any debts owed by the company and its other subsidiaries to Cariplant. The purchase price is payable in 180 equal installments of principal and interest at 8 percent per annum. The purchasers' obligations are secured by a lien on all of the stock of Cariplant.
 In connection with the transaction, the purchasers acknowledged that there could be residual damage from the use of Benlate, a fungicide manufactured by E. I. DuPont de Nemours & Co. The purchasers waived any claims against the company based on any such damage. Additionally, at the closing, the company repaid a $100,000 debt of Cariplant to a third party.
 The board of directors of the company approved the sale of Cariplant as part of the company's business plan to focus its managerial and economic resources on the company's operations in Puerto Rico and South Florida. The board also considered the potential impact of the continuing economic recession in Europe, which is Cariplant's principal market, and the difficulties of transacting business in the Dominican Republic.
 Margo Nursery Farms, Inc. is a publicly held company engaged in the business of growing, landscaping, and distributing a wide range of both indoor and outdoor tropical foliage and flowering plants. The company operates nurseries located in South Florida and Puerto Rico.
 -0- 3/30/93
 /CONTACT: Alfred Smith of Margo Nursery Farms, 305-379-9147/
 (MRGO)


CO: Margo Nursery Farms, Inc.; Cariplant S. A.; Altec International
 C. por A. ST: Florida IN: AGR SU: TNM


AW-JB -- FL006 -- 1076 03/30/93 13:11 EST
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Publication:PR Newswire
Date:Mar 30, 1993
Words:348
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