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THE ALPINE GROUP, INC. AND SUPERIOR TELETEC INC. ANNOUNCE AMENDMENT TO MERGER AGREEMENT

 NEW YORK and ATLANTA, Sept. 27 /PRNewswire/ -- The Alpine Group Inc. (AMEX: AGI) and Superior TeleTec Inc. (AMEX: STT) announced today an amendment to their merger agreement signed on June 17, 1993. Under the merger agreement, each Superior TeleTec shareholder will receive, in general, .650 of a share of Alpine common stock for each Superior TeleTec share, or may elect to receive .415 of an Alpine share plus $2.50 in cash, with the ratios subject to adjustment based upon Alpine trading prices. Under the amendment, the maximum amount of Superior TeleTec shares which may receive the $2.50 payment will be limit to 80 percent of the outstanding shares. To the extent that more than 80 percent of the Superior TeleTec shareholders make the stock and cash election, a proportionate amount of the $2.50 payment (but not more than $.50) will be made in an equivalent value of Alpine shares. The amendment will also permit Superior TeleTec stockholders to make stock and cash elections during 1994, thus permitting a tax deferral on the cash received.
 Steve S. Elbaum, chairman of Alpine, and James R. Kanely, chairman of Superior TeleTec, stated: "This change to our merger agreement permits us to expand our borrowing capacity by approximately $4.5 million to further support working capital levels at Superior TeleTec." Superior TeleTec has recently been awarded a contract to supply copper cable and wire over the next five-year period to a major domestic telephone company. Management has estimated total revenues from this contract at greater than $200 million.
 Meetings of Alpine and Superior TeleTec shareholders to vote upon the merger are currently scheduled for early November. The companies anticipate that proxy material for the meetings will be mailed soon to shareholders.
 Superior TeleTec Inc., headquartered in Atlanta, manufacturers and sells telecommunications products primarily to the independent telephone holding companies and the Regional Bell Operating Companies. The company offers both copper cable and wire products and fiber optic cable for Local Area Network applications.
 The Alpine Group, Inc., headquartered in New York, is a holding company with continuing operations in information display and defense electronics and datacommunications businesses. Through its Alpine PolyVision, Inc. subsidiary, Alpine is developing PolyVision(TM), a proprietary flat panel display technology, for commercial applications in a wide variety of markets. Alpine's information display activities also include Posterloid Corporation, which manufactures and markets menuboard display systems to fast food and convenience store markets. A wholly owned subsidiary, DNE Technologies, Inc., specializes in the advanced design, development and production of datacommunications, avionics, printers and other components and systems for government and commercial markets.
 -0- 9/27/93
 /CONTACT: Lynn Morgen or Bernie Kilkelly of Morgen-Walke Associates, 212-850-5600/
 (AGI STT) CO: The Alpine Group, Inc.; Superior TeleTec Inc. ST: New York, Georgia IN: CPR ARO TLS SU: TNM


SM -- NY011 -- 5751 09/27/93 07:31 EDT
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Publication:PR Newswire
Date:Sep 27, 1993
Words:476
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