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ALPHA MANUFACTURING GROUP, INC. ACQUIRES MANUFACTURING FIRM

 ALPHA MANUFACTURING GROUP, INC. ACQUIRES MANUFACTURING FIRM
 CINCINNATI, March 27 /PRNewswire/ -- Alpha Solarco Inc. (NASDAQ: ASCO) announced today the acquisition of the assets of State Machine Products, Inc., a manufacturing firm located in Dry Ridge, Ky., by its wholly owned subsidiary, Alpha Manufacturing Group, Inc. for approximately $3.5 million. Alpha Solarco paid $1,136,000 of the purchase price with shares of its common stock and borrowed $800,000 from private investors to pay down State Machine's bank debt of $1.2 million, which was assumed as part of the transaction. In addition, Alpha Solarco assumed approximately $500,000 in trade payables.
 The assets acquired from State Machine include machinery and equipment, raw materials and inventory, manufacturing facilities, as well as more than 200 acres of land in Dry Ridge. State Machine also assigned to Alpha Solarco its rights in certain outstanding defense contracts for U.S. Army field equipment.
 While continuing to fulfill State Machine's defense contracts, Alpha Solarco plans to use the facility to manufacture solar concentrator electric power systems and components. Initially, the solar equipment produced at the manufacturer will be sold to the Chinese joint venture company Alpha Solarco formed last year with Qinhuangdao Electronic, Inc. of China. The vertical integration will enable Alpha Solarco to mass produce solar power systems competitive with coal-fired plants.
 "The highly trained personnel at the Alpha Manufacturing Group will give us a competitive advantage in the assembly of solar modules," said Edward C. Schmidt, president of Alpha Solarco and chief executive officer of the Alpha Manufacturing Group. "With this new capability we will be able to qualify and meet the standard supplier requirements of the utility industry."
 -0- 3/27/92
 /CONTACT: Edward C. Schmidt of Alpha Solarco Inc., 513-771-1690/
 (ASCO) CO: Alpha Solarco Inc. ST: Ohio IN: SU: TNM


KK -- CL008 -- 2338 03/27/92 11:52 EST
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Date:Mar 27, 1992
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