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MOR-FLO MERGER PROCEEDING

 MOR-FLO MERGER PROCEEDING
 CLEVELAND, March 6 /PRNewswire/ -- Mor-Flo Industries, Inc.


(NASDQ-MORF National Market System) announced that it has reached an agreement in principle to further amend its previously announced Merger Agreement with SABH (U.S.) Inc. Under the amendment, the cash price payable to Mor-Flo shareholders in the merger would be reduced to approximately $8.00 per Mor-Flo common share. The price reduction reflects the negotiations between the parties toward the resolution of concerns raised by the Department of Justice in its review of the transaction and SABH's ongoing review of Mor-Flo's business and affairs. Mor-Flo believes that, later this month, the Justice Department will issue a formal determination that it wil not challenge the merger.
 Mor-Flo's Board of Directors will be required and is expected to approve the transaction. Shareholder approval of the transaction is also required. Such approval is assured given the shareholdings of Mor-Flo's principals, who have indicated that they will vote their shares in favor of the merger. Subject to final regulatory approvals, Mor-Flo plans to hold the shareholder meeting in May, and the parties expect to complete the transaction in June.
 Mor-Flo Industries, Inc. is a leading national manufacturer of gas, electric and solar water heaters as well as related home heating products. The Company is headquartered in Cleveland, and has major manufacturing facilities in Johnson City and Chattanooga, Tenn. and Santa Monica, Calif.
 -0- 3/6/92
 /CONTACT: Jerry Polster of Mor-Flo Industries, 216-663- 7300/
 (MORF) CO: Mor-Flo Industries, Inc. ST: Ohio IN: SU:


CG -- CL015 -- 5976 03/06/92 16:06 EST
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Publication:PR Newswire
Date:Mar 6, 1992
Words:259
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