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ZING TECHNOLOGIES, INC. RESOLVES DISPUTE WITH TRUSTEE

 PORT CHESTER, N.Y., Sept. 1 /PRNewswire/ -- Today Zing Technologies, Inc. (formerly Zeus Components, Inc.) today announced it resolved its dispute with the trustee for the holders of Zing's 12-1/4 percent senior subordinated notes. The trustee had instituted a lawsuit to enforce an acceleration of payment of the notes claimed to have been triggered by the May 19, 1993, sale of Zing's high-reliability electronic components distribution business to Arrow Electronics Inc.
 In entering into the settlement agreement, Zing did not admit to the breach of any of its obligations owed to the note holders. Pursuant to the settlement agreement, (1) Zing agreed to accelerate the maturity of the presently outstanding notes and redeem the outstanding notes and pay accrued and unpaid interest thereon through Aug. 31, 1993 and (2) the trustee and Zing agreed to execute a stipulation and dismissal with respect to the action commenced by the trustee. The effectiveness of the settlement agreement is subject to the satisfaction of certain conditions. The settlement agreement also sets forth certain agreements among the parties including, without limitation, agreements covering the reimbursement of certain expenses incurred by and fees payable to the trustee and indemnification.
 In the event that the settlement agreement does not become effective, the settlement agreement shall be of no force and effect, funds escrowed by Zing for the benefit of the note holders will be returned to Zing and the stipulation will be destroyed.
 -0- 9/1/93 R
 /CONTACT: Martin S. Fawer, treasurer and chief financial officer of Zing Technologies, Inc., 914-937-7400/


CO: Zing Technologies, Inc. ST: New York IN: CPR SU:

CK-OS -- NY070 -- 8388 09/02/93 11:39 EDT
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Publication:PR Newswire
Date:Sep 2, 1993
Words:276
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