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NACOMA CONSOLIDATED TO ISSUE SHARES TO AUSTIN BERNET

 NACOGDOCHES, Texas, March 29 /PRNewswire/ -- Nacoma Consolidated Industries, Inc. (Nacoma) announced today that it has agreed to issue 3,218,473 restricted shares of its common stock to Austin Bernet, Inc. (Austin Bernet) in consideration for the cancellation by Austin Bernet of $3,227,095 of outstanding indebtedness owned by Nacoma and the extension to Nacoma by Austin Bernet of a $3 million one-year revolving line of credit. Upon issuance, the shares will represent approximately 81 percent of Nacoma's outstanding common stock.
 Austin Bernet is a New Jersey corporation principally engaged in investing and financing transactions. Austin Bernet's sole stockholder is Robert E. Brennan, chairman of the board of International Thoroughbred Breeders, Inc., the publicly owned owner and operator of Garden State Park racetrack in Cherry Hill, N.J. Mr. Brennan and Roger Barnett are the sole officers and directors of Austin Bernet. Mr. Barnett is principally engaged as president of the investment banking firm of First Jersey Securities, Inc. of which Mr. Brennan is the sole stockholder.
 Nacoma is principally engaged in the manufacture at its plant in Nacogdoches and installation of architectural millwork. The millwork consists of premium wood finishing of interior building space, the principal markets being hotels, restaurants, hospitals, courthouses, other public buildings and commercial office space.
 -0- 3/29/93
 /CONTACT: Jeff Fuller of Nacoma Consolidated Industries, 407-560-1432/


CO: Nacoma Consolidated Industries, Inc. ST: Texas IN: CST SU:

TS-LR -- NY045 -- 0460 03/29/93 11:17 EST
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Publication:PR Newswire
Date:Mar 29, 1993
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