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SPORTS/LEISURE ANNOUNCES SIGNING OF AGREEMENT TO SELL STOCK

 BOCA RATON, Fla., March 23 /PRNewswire/ -- Sports/Leisure, Inc. (NASDAQ: SPLE) today announced the signing of an agreement to sell up to 750,000 units of the company's capital stock to Sports/Leisure Acquisition Ltd. for $1,500,000. Each unit consists of a combination of: common stock; voting, convertible preferred stock; and warrants to purchase common stock. If all of the preferred stock is converted to common stock and all of the warrants are exercised, a total of 5,500,000 additional shares of common stock will be issued for a total consideration of $2,437,500.
 In connection with the transaction, two of the company's outside directors, William Mercurio and Arthur Kwiat have voluntarily resigned. The company's third outside director, Stanley Hille voluntarily resigned in January 1993. Norman Fixel, the company's chief executive officer, president of Softouch Company Inc. and a director, has resigned as chief executive officer of the company effective April 1, but will continue to service in his other positions. Milton Barbarosh, the president of the general partner of Sports/Leisure Acquisition Ltd. has been elected to the company's board of directors and as the company's president and chief executive officer effective April 1. Barbarosh was formerly a chief executive with various financial service companies and is currently chief executive officer of Stenton Leigh Capital Corp., a privately owned investment group. Management will propose a new slate of directors in the company's Proxy Statement which is expected to be mailed on or before April 30.
 Fixel and Barbarosh issued a joint statement expressing their pleasure at having joined forces to assist Sports/Leisure in its future growth through both internal and external means.
 -0- 3/23/93
 /CONTACT: Lynn Hinds, assistant secretary of Sports/Leisure, Inc., 407-241-9921/
 (SPLE)


CO: Sports/Leisure, Inc. ST: Florida IN: TEX SU: PER

JB-AW -- FL005 -- 8819 03/23/93 16:27 EST
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Publication:PR Newswire
Date:Mar 23, 1993
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