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STAMPEDE INDUSTRIES CORPORATION FILES CREDITORS ASSIGNMENT

 STAMPEDE INDUSTRIES CORPORATION FILES CREDITORS ASSIGNMENT
 TORONTO, June 23 /PRNewswire/ -- Glenex Industries Inc. (NASDAQ: GLXIF) announced that its wholly owned Illinois subsidiary, Stampede Industries Corporation, has today filed an Assignment for the Benefit of Creditors in respect of all its assets and operations.
 Stampede was incorporated in December 1989 to manufacture and market a line of industrial and household specialty chemicals and has not been profitable since its formation. Sales of Stampede were U.S.$3.0 million for the fiscal year ended March 31, 1992.
 For its fiscal year ended March 31, 1992, Glenex expects to report a loss of U.S.$2.8 million in respect of its investment in Stampede of which U.S.$1.6 million represents operating losses of Stampede and U.S.$1.2 million represents the expected loss on discontinuance. The expected loss for the 1992 fiscal year includes full provision for costs incurred or to be incurred subsequent to March 31, 1992.
 -0- 6/23/92
 /CONTACT: Elaine N. Carlebach of Glenex Industries, 416-962-9292, or Fax, 416-962-8730/
 (GLXIF) CO: Glenex Industries Inc.; Stampede Industries Corp. ST: Ontario IN: SU:


PS -- NY072 -- 2948 06/23/92 15:22 EDT
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Publication:PR Newswire
Date:Jun 23, 1992
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