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STONERIDGE RESOURCES AGREES TO SELL ITS ORANGE-CO STAKE

 STONERIDGE RESOURCES AGREES TO SELL ITS ORANGE-CO STAKE
 BLOOMFIELD HILLS, Mich., April 9 /PRNewswire/ -- Stoneridge


Resources, Inc. (NYSE: SRE) announced that it has signed an agreement to sell its 52.3-percent stake in Orange-co, Inc. (NYSE: OJ) to Ben Hill Griffin, Inc. of Frostproof, Fla., for $31 million. Closing is subject to completion of due diligence and appropriate regulatory approvals and is expected to occur before the end of May 1992. Stoneridge will utilize the proceeds to eliminate debt under its bank loan agreement and to increase working capital.
 Kenneth C. Coon, CEO of Stoneridge, said, "Stoneridge is very pleased to have found a buyer of Mr. Griffin's stature and abilities. We are certain that under the leadership of an individual with a lifelong commitment to the citrus industry such as Ben Hill Griffin III, Orange-co's future is bright."
 Mr. Griffin stated that he was pleased to be in a position to make this acquisition. "We are very happy to be associated with such a long- standing processor/grower organization. We are very familiar with the fine reputation of the company, its employees, as well as the fine customers which they serve. We look forward to a long-lasting relationship."
 Ben Hill Griffin, Inc. is a privately owned agribusiness company in central Florida that is well-known within the Florida citrus industry.
 Stoneridge Resources' principal operations are conducted through Acceptance Insurance Holdings Inc., a specialty property and casualty insurance group based in Omaha, Neb.
 -0- 4/9/92
 /CONTACT: William J. Gerber of Stoneridge Resources, Inc., 313-540-9040/
 (SRE OJ) CO: Stoneridge Resources, Inc.; Orange-co, Inc.; Ben Hill Griffin, Inc. ST: Michigan, Florida IN: FOD SU: TNM


JG -- DE027 -- 6782 04/09/92 12:30 EDT
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Publication:PR Newswire
Date:Apr 9, 1992
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