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OIS ANNOUNCES COMPLETION OF MAJOR INVESTMENT BY GUARDIAN

 OIS ANNOUNCES COMPLETION OF MAJOR INVESTMENT BY GUARDIAN
 TROY, Mich., Nov. 26 /PRNewswire/ -- OIS Optical Imaging Systems,


Inc. (OIS) (OTC: OVONC) announced today the completion of a major equity investment pursuant to the terms of a previously announced Stock Purchase Agreement with Guardian Industries Corp. (Guardian) of Northville, Mich., and Mr. William Manning of Rochester, N.Y.
 Guardian has invested $10.5 million for a 28-percent equity position in OIS, with an option, exercisable at anytime within three years, to invest an additional $10.5 million to obtain a 51-percent equity position in OIS. Under the terms of the Stock Purchase Agreement, Guardian will designate a majority of OIS' board of directors during the option period. The consummation of the investment had been awaiting stockholder approval, which approval was granted at OIS' annual meeting of stockholders on Nov. 26, 1991. Immediately following the meeting, the board of directors elected Rex Tapp, director of Technical Development at Guardian, as chairman of the board of OIS.
 In connection with Guardian's investment, Manning has converted his outstanding preferred stock, warrants and certain convertible notes of OIS into common stock, and has agreed to convert the remainder of his convertible notes to common stock if Guardian exercises its option.
 OIS President and Chief Executive Officer Dr. Zvi Yaniv stated, "This investment is the cornerstone upon which OIS can build long-term financial stability. With this stability, OIS can now concentrate on product manufacturing so as to better serve, and hence grow in, its markets."
 Guardian, founded in 1932, is a leading manufacturer and fabricator of flat glass products used in construction and automotive applications. The company currently operates 11 float glass production lines in the United States, Europe and South America. The company also manufactures a broad line of fiberglass insulation products, molded plastic products and oil production equipment.
 Furthermore, Guardian has developed a variety of products in the automotive glass fabrication area. These products have led to recent additional investments to support the company's growing presence as a glass supplier to the global automotive industry. Guardian recently opened its fourth North American automotive glass fabrication plant and began construction of a new $80 million facility in Luxembourg to serve the European automotive industry.
 OIS develops flat panel electronic displays and electronic imaging and scanning systems. Currently, OIS is focusing its proprietary display technology on avionic and military applications in order to become a leading U.S.-based manufacturer of flat panel displays. OIS is currently producing navigation displays for the Air Force F-15 and KC-135 aircraft.
 -0- 11/26/91
 /CONTACT: Joseph Ben-Gal of OIS Optical Imaging Systems, 313-362-2738; or Peter S. Walters of Guardian Industries Corporation, 313-347-9102/
 (OVONC) CO: OIS Optical Imaging Systems, Inc.; Guardian Industries Corporation ST: Michigan IN: CPR AUT SU: JVN


SB -- DE013 -- 7336 11/26/91 13:22 EST
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Publication:PR Newswire
Date:Nov 26, 1991
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