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ALPINE GROUP AND CONNECTICUT DEPARTMENT OF ECONOMIC DEVELOPMENT ANNOUNCE AGREEMENT IN PRINCIPLE FOR $5 MILLION FINANCING PACKAGE

 ALPINE GROUP AND CONNECTICUT DEPARTMENT OF ECONOMIC DEVELOPMENT
 ANNOUNCE AGREEMENT IN PRINCIPLE FOR $5 MILLION FINANCING PACKAGE
 NEW YORK, Sept. 4 /PRNewswire/ -- The Alpine Group, Inc. (AMEX: AGI), and the Department of Economic Development of the State of Connecticut today announced an agreement in principle for Alpine's subsidiary, Alpine PolyVision, Inc., to locate its headquarters and flat panel display manufacturing operations in Connecticut and for the Department of Economic Development to provide approximately $5 million in a combination of equity capital, low interest debt, and product development funding to facilitate the establishment and start-up of Alpine PolyVision's operations in Connecticut.
 The financial package will be provided by the Connecticut Development Authority and Connecticut Innovations, Inc., and includes approximately $2.5 million in preferred stock convertible into Alpine common stock at $10 per share, $1.5 million in debt convertible at $10 per share, and approximately $1 million in product development funding.
 Alpine PolyVision, Inc., is the owner of a proprietary flat panel display technology, known as PolyVision, which it has been developing since 1987. Alpine believes that the significant cost and performance advantages PolyVision has over liquid crystal displays will allow it to compete in a wide range of consumer, industrial and other markets comprising an estimated $5 billion market for flat panel display components.
 Steven S. Elbaum, chairman and chief executive officer of the Alpine Group, stated, "The decision by Alpine to locate its PolyVision headquarters and manufacturing operations in Connecticut is in line with its February 1992 acquisition of Dataproducts New England, Inc. Dataproducts' Wallingford, Conn., operations and Wallingford infrastructure will complement PolyVision operations and start-up in Connecticut. Alpine PolyVision will transfer its PolyVision pilot plant from Massy, France, to Wallingford in the fall of this year. While this will defer start-up of commercial production until the first quarter of calendar 1993, it will enable Alpine PolyVision to focus its investment in one location, which will become the platform for scale-up to volume production."
 Elbaum continued, "The decision to establish Alpine PolyVision's headquarters and manufacturing operations in Connecticut would not have been possible without the commitment of the Department of Economic Development to Alpine's business plan and strategy. Connecticut state officials worked closely with us to understand the prospects for our business, its current and long-term capital requirements, and the potential for significant economic benefits to the state."
 Elbaum added, "The State of Connecticut has boldly supported the introduction of a proprietary flat panel display technology which intends to achieve a share of the rapidly growing flat panel display market. This market will reach $5 billion in 1992 and is expected to grow at nearly 20 percent annually through the rest of the decade."
 Connecticut Economic Development Commissioner Joseph J. McGee said that the state's investment in a company working on flat panel display technology is an investment in jobs for the present and future. "Connecticut has returned to a pro-business climate that encourages companies such as the Alpine Group, and we are building a track record that means business growth, job growth and economic health," Commissioner McGee said. "Governor Weicker and the state legislature have set their sights on Connecticut becoming the number one state for business, and the Alpine Group is a partner in that plan."
 The Alpine Group, Inc., 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, a proprietary flat panel display technology, for commercial applications in a wide variety of markets. A recently acquired subsidiary, Dataproducts New England, Inc., specializes in the advanced design, development and production of datacommunications, avionics, printers, and other components and systems for government and commercial markets. Alpine's information display activities also include Posterloid Corporation, which manufactures and markets menuboard display systems to fast food and convenience store markets.
 -0- 9/4/92
 /CONTACT: June Filingeri or Bernie Kilkelly of Morgen-Walke Associates, 212-986-5900, for the Alpine Group/
 (AGI) CO: The Alpine Group, Inc.; Alpine PolyVision, Inc. ST: New York, Connecticut IN: SU:


GK -- NY007 -- 6816 09/04/92 09:09 EDT
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Date:Sep 4, 1992
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