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ROSECLIFF PENSLER PARTNERS SUPPLIES KATY'S FINANCIAL ADVISOR WITH REQUESTED FINANCIAL INFORMATION

 NEW YORK, Sept. 15 /PRNewswire/ -- Rosecliff Pensler Partners L.P. today announced that, at the request of Goldman Sachs, financial advisor to the special committee of independent directors of the board of Katy Industries, Inc. (NYSE: KT), Rosecliff Pensler has supplied Goldman with the information it needs to advise the special committee with respect to the proposal by Rosecliff Pensler to acquire all the outstanding common stock of Katy Industries for at least $29 per share.
 The Rosecliff Pensler proposal is substantially higher than a prior proposal of $25.75 per share made by the Carroll family, which had been approved by the board after the special committee had rejected the Carroll family's original proposal of $22 per share.
 In its request, Goldman said it would help in its advising of the special committee if Rosecliff Pensler provided certain additional information related to the financing of Rosecliff Pensler's acquisition proposal. Accordingly, Rosecliff Pensler has furnished Goldman Sachs with the requested information, including letters from Nomura Securities and Continental Bank, demonstrating the financing for its proposal.
 In response to Goldman Sachs, Rosecliff Pensler Partners emphasized, "This information should put to rest any questions you or the special committee may have concerning the strength of our financing and meets the needs you identified for you to have a comprehensive discussion with the special committee about our proposal. As we stated publicly, Rosecliff Pensler Partners has more than $35 million of committed equity capital.
 "Two weeks have passed since the board received our proposal, and we still have not been permitted to begin due diligence. Had we promptly been given appropriate access and cooperation, we could have substantially completed due diligence by now.
 "We trust Goldman Sachs will advise the special committee that it is clearly in the financial interests of Katy's public shareholders for the special committee to permit our due diligence to commence immediately," Rosecliff Pensler Partners said.
 -0- 9/15/93
 /CONTACT: Robert Siegfried of Kekst and Company, 212-593-2655/
 (KT)


CO: Rosecliff Pensler Partners L.P.; Katy Industries, Inc. ST: New York, Illinois IN: MAC SU: TNM

GK-OS -- NY083 -- 2393 09/15/93 16:10 EDT
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Publication:PR Newswire
Date:Sep 15, 1993
Words:356
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