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MILLER INDUSTRIES AND FIREDOOR CORPORATION OF FLORIDA SIGN LETTER OF INTENT

 MILLER INDUSTRIES AND FIREDOOR CORPORATION OF FLORIDA
 SIGN LETTER OF INTENT
 MIAMI, Jan. 15 /PRNewswire/ -- The presidents of Miller Industries, Inc. ("Miller") and Firedoor Corporation of Florida ("Firedoor") announced today that Miller has entered into a letter of intent with Firedoor and its principal shareholders, John and James Schector, to acquire all of the outstanding stock of Firedoor in exchange for 2,800,000 shares of Miller common stock and 250,000 shares of Miller preferred stock.
 The letter provides that the preferred stock may be converted into common stock on the basis of 14.50 shares of common stock for each share of preferred stock. After the closing of the proposed transaction, Miller shall hold a shareholders meeting to authorize a sufficient number of additional shares of common stock to permit the holders of the preferred stock to convert all of their preferred stock. If the common stock is authorized and the preferred stock is converted, the Schectors would own 75 percent of the company's total common stock outstanding. The current Miller shareholders would collectively own the remaining 25 percent.
 The obligations of the parties are subject to the negotiation and execution of a definitive stock purchase agreement. The parties have agreed to use their best efforts to fulfill this condition by Jan. 25, 1992.
 Firedoor manufactures steel entry door systems used primarily in commercial construction projects in Florida and the New York metropolitan area.
 Until the fall of 1991, Miller was a custom manufacturer of high quality residential and commercial aluminum sliding glass doors and windows under the "Mildoor" name. However, reduced sales levels during 1990 and 1991 adversely affected Miller's financial condition. In August 1991, the planned discontinuation of Mildoor operations was announced. As of this date, the actual phase down of Mildoor operations has been substantially completed.
 -0- 1/15/92
 /CONTACT: Daniel Owen, president and CEO of Miller Industries 305-621-0501; or John Schector, president and CEO of Firedoor Corporation of Florida, 305-691-1500/ CO: Miller Industries, Inc.; Firedoor Corporation of Florida ST: Florida IN: CST SU: TNM


AW-SS -- FL004 -- 9932 01/15/92 10:55 EST
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Publication:PR Newswire
Date:Jan 15, 1992
Words:350
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