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MILLER AND BENSON INTERNATIONAL LTD. ANNOUNCES ACQUISITION

 MILLER AND BENSON INTERNATIONAL LTD. ANNOUNCES ACQUISITION
 LOS ANGELES, Feb. 26 /PRNewswire/ -- Miller & Benson International Ltd. ("M&B U.S."), the successor corporation to Oil Securities Inc. ("OSI"), announced the acquisition of approximately 83 percent of the capital stock of Miller & Benson S.p.A., an Italian corporation ("M&B Italy"), from GIMA, S.p.A. and certain other Italian parties, in exchange for approximately 96 percent of the outstanding common stock of M&B U.S. In conjunction with the transaction, OSI effected a 1-for-200 reverse split of its common stock. As a result, 5,317,000 shares of common stock were outstanding or issuable immediately upon completion of the transaction. Prior to the acquisition of M&B Italy by OSI, OSI had successfully confirmed its Plan of Reorganization under Chapter 11 of the United States Bankruptcy Code on June 25, 1991.
 M&B Italy, located in Turin, Italy, engages in a variety of activities related to the real estate industry in Italy. M&B Italy purchases, develops, constructs, renovates, sells and leases real estate properties, and currently has seven projects in process at varying stages of development.
 As of June 30, 1991, the pro forma consolidated balance sheet of M&B U.S. included total assets of approximately $29,000,000 and total shareholders' equity of approximately $10,500,000, after giving pro forma effect to the acquisition of M&B Italy.
 KPMG Peat Marwick, Los Angeles, was recently engaged to be the independent auditors for M&B U.S.
 M&B U.S. is currently reviewing its options with regard to the listing of its common stock in the United States.
 The United States corporate headquarters of M&B U.S. have been established at 23801 Calabasas Road, Suite 2050, Calabasas, CA 91302.
 Gian Mauro Borsano, the president and chairman of the board of directors of GIMA, S.p.A. and the new president of M&B U.S., stated, "We believe that this transaction will give United States investors a unique opportunity to invest in the Italian real estate market. M&B Italy brings to this transaction a history as a profitable company with substantial resources and aggressive management. We look forward to the business opportunities that we see in 1992 and beyond in Italy, Europe and the United States, and we are excited about the possibilities that participation in the United States equities market offers."
 -0- 2/26/92
 /CONTACT: Dempsey K. Mork, president of Whitehall Co. Ltd., 310-274-2474; or Robert N. Weingarten, CFO of Miller & Benson International, 818-223-8807/ CO: Oil Securities Inc.; Miller & Benson International Ltd. ST: California IN: FIN SU: TNM


AL-JL -- LA005 -- 2659 02/26/92 09:02 EST
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Publication:PR Newswire
Date:Feb 26, 1992
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