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PRINCETON ELECTRONIC PRODUCTS SIGNS LETTER OF INTENT TO ACQUIRE ARIZONA FREIGHT SYSTEMS INC. AND CAMPBELL LEASING INC.

 PHOENIX, July 7 /PRNewswire/ -- Princeton Electronic Products Inc. (NASDAQ: PELT), a 24-year-old, diversified holding company, today announced that it has entered into a letter of intent with two related Phoenix-based companies: Arizona Freight Systems Inc. and Campbell Leasing Inc., whereby Princeton will acquire all of the companies' outstanding shares for shares of Princeton Electronic Products' stock.
 Arizona Freight Systems Inc. is an inter- and intra-state carrier of general commodities including consumer products, auto parts, dry groceries and packaging materials. It operates in Arizona, Nevada and California. Campbell Leasing Inc., a freight brokerage and equipment leasing company, leases trucks, tractors and trailers primarily to Arizona Freight Systems. The privately held companies currently operate a fleet of 45 trucks. Combined sales for Arizona Freight Systems and Campbell Leasing in 1992 were $3.9 million. The companies anticipate that revenues will increase to $4.6 million for calendar year 1993.
 "This acquisition will give Arizona Freight Systems and Campbell Leasing the means by which to attract capital and financing at more competitive rates, enabling us to expand our operations," said Robert Campbell, president of Arizona Freight Systems.
 "This strategic acquisition will allow us to continue to build a solid balance sheet and create greater shareholder value through further diversification," said Dale Eyman, chairman of the board of Princeton. The merger is expected to be completed by August 1993.
 Princeton Electronic Products Inc., headquartered in Phoenix, specializes, through its subsidiaries, in innovative products, financial services and venture capital.
 -0- 7/7/93
 /CONTACT: Dale E. Eyman, CEO of Princeton Electronic Products, 800-966-7865; or Shannon T. Squyres, president of the Corporate Relations Group, 714-955-1860, for Princeton Electronic Products/
 (PELT)


CO: Princeton Electronic Products Inc.; Arizona Freight Systems;
 Campbell Leasing Inc. ST: Arizona IN: FIN TRN SU: TNM


MF-JL -- LA008 -- 8963 07/07/93 09:31 EDT
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Publication:PR Newswire
Date:Jul 7, 1993
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