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THE CANTON INDUSTRIAL CORP. SIGNS STOCK PURCHASE AGREEMENT

 SALT LAKE CITY, Oct. 4 /PRNewswire/ -- Canton Industrial Corp. ("Canton"), a Nevada corporation, announced today that it has signed a Stock Purchase Agreement with Metallurgical Industries Inc. (NASDAQ: MTALA) ("Metallurgical"), a New Jersey corporation, on &ept. 25, 1993. Under this Agreement, Metallurgical will sell 5 million restricted shares of its Class A common stock to Canton, which, after certain options are issued, will represent approximately 52 percent of Metallurgical's issued and outstanding Class A common stock. Metallurgical will receive restricted stock in Logos International Inc. ("Logos") in exchange for its shares.
 The transaction is subject to an affirmative vote of Metallurgical's shareholders. A special meeting of the shareholders will be called as soon as possible but no later than Dec. 3, 1993, to consider this transaction.
 Also on Monday, Sept. 27, 1993, Canton opened discussions with Metallurgical regarding the transfer of some of Canton's tire recycling operations to a facility on the East Coast, to be operated by a subsidiary of Metallurgical.
 With the help of Logos, Canton is assisting Metallurgical in the acquisition of various companies. On Sept. 27, 1993, Metallurgical announced that it has signed an Agreement in Principle to acquire Lors Machinery Inc. ("Lors") of Union, N.J., a privately owned distributor of resistance welding equipment and a manufacturer of consumable welding supplies. Lors had sales of approximately $3,711,000 in 1992 and $1,997,000 for the first six months of 1993. Lors will complement Metallurgical's Plasma Transfer Arc (PTA) welding equipment and supply business. This is the first of many aerospace companies Metallurgical is looking to acquire to complement its own aerospace machining expertise.
 In addition to its aerospace operations, Metallurgical is currently engaged in producing tantalum mill products. Tantalum is a refractory metal with unique high temperature and corrosion resistance properties and is used in the electronics, aerospace, chemical, nuclear, and medical prosthetics industries. In addition, Metallurgical has a subsidiary in the aerospace components industry.
 Canton is traded on the Boston Stock Exchange under the symbol CNI, Metallurgical is traded on NASDAQ under the symbol MTALA, and Logos is traded on the OTC market under the symbol LOGO.
 -0- 10/4/93
 /CONTACT: Richard T. Johnson, Metallurgical Industries, 908-542-5800 or (fax) 908-542-2591; or Richard Surber, Canton Industrial, 801-575-8311 or (fax) 801-575-8340/
 (CNI MTALA LOGO)


CO: Canton Industrial Corp.; Metallurgical Industries Inc.;
 Logos International Inc. ST: Utah IN: MNG SU:


LS-EH -- LA021 -- 8386 10/04/93 13:12 EDT
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Publication:PR Newswire
Date:Oct 4, 1993
Words:405
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