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SYNTREX ANNOUNCES UPDATED INFORMATION ON BANKRUPTCY PROCEEDINGS

     SYNTREX ANNOUNCES UPDATED INFORMATION ON BANKRUPTCY PROCEEDINGS
    EATONTOWN, N.J., Feb. 28 /PRNewswire/ -- Syntrex Incorporated (OTC: STRX) announced today updated information regarding its bankruptcy proceedings.
    Syntrex received two rulings from the bankruptcy court on Feb. 18, 1992.  The first ruling was for an extension of the cash collateral order for an indefinite period.  A court sanctioned "Cash Collateral Order" allows the company to continue to operate in the normal course of business.  The second ruling granted a 30 day extension to the company's "Exclusive Right to file a Plan of Reorganization."  This extension runs to March 17, 1992 and the company may, subject to court approval, seek additional extensions.
    Also, the company previously reported on Dec. 16, 1991 that it had entered into an agreement with Northcote Partners, a New York based investment partnership.  This agreement contemplated that Northcote would acquire from the company either a controlling interest in Syntrex or all of the assets and business of Syntrex through a plan of reorganization.  This agreement was subject to certain conditions, one of which was the approval by the bankruptcy court.  As a result of subsequent developments, the company has determined that it is not advisable to seek the approval of this agreement, in its current format, from the bankruptcy court.  Notwithstanding this fact, the company continues to work with Northcote to achieve an agreement with creditors that would result in a successful plan of reorganization or a sale of the company's assets.  In addition, the company continues to provide information to other parties who express an interest in the company. The company is optimistic that an agreement with creditors can be reached by Northcote or other interested parties.  However, no assurance can be given in this regard or that a plan of reorganization or a sale of assets would provide existing Syntrex shareholders with any continuing interest in the company.
    -0-                          2/28/92
    /CONTACT:  Louis F. Miceli of Syntrex, 908-542-1500/
    (STRX) CO:  Syntrex Incorporated ST:  New Jersey IN: SU:  BCY SB-AH -- NY051 -- 3811 02/28/92 15:10 EST
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Publication:PR Newswire
Date:Feb 28, 1992
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