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AMERICA'S FINEST WATERS CONSUMMATES REORGANIZATION AND FINANCING AGREEMENTS

 AMERICA'S FINEST WATERS CONSUMMATES
 REORGANIZATION AND FINANCING AGREEMENTS
 SANTA ANA, Calif., Nov. 29 /PRNewswire/ -- Richard Adams, President of America's Finest Waters Inc., ("AFW"), a development- stage company engaged in the bottled water business, today announced that AFW has substantially completed an agreement with Oasis Drinking Waters Inc., ("Oasis"), a closely-held bottled water company, to acquire all the outstanding shares of Oasis in exchange for restricted common stock of AFW. Oasis, a twenty-eight year old corporation, is one of the largest manufacturers of 2.5 gallon and 1 gallon bottled water units for retail sale in the state of California. Oasis also serves a broad-based market for home delivered bottled water in and around Orange County. AFW is developing a comprehensive plan to expand the Oasis bottling plant, and to increase sales and its market distribution throughout southern and northern California. AFW and Oasis are currently in the process of completing the final details of this transaction.
 Under the terms of the agreement with Oasis, Chris Peykoff, sole shareholder of Oasis, was issued that number of shares which represents approximately 31 percent of the presently outstanding common stock of AFW. Peykoff may be entitled to receive up to an additional 2,000,000 shares after 1993, if certain obligations by AFW or other conditions are not met.
 Adams also announced that AFW has completed a stock purchase agreement with North American Environmental Inc., ("NAE"), a closely held Chicago-based holding company, providing for the purchase by NAE of 3.27 million shares of AFW restricted common stock for a total purchase price of $2,500,000, payable in monthly installments through April 1992. To date, NAE has made three payments totalling $245,000.
 AFW plans to utilize the proceeds from the NAE transaction for expansion of the Oasis bottling operation and AFW's plant in Dallas; for future acquisitions in the southwestern United States; and for development of other water-based product lines.
 As a result of these transactions, AFW has determined that it will expand its board of directors to seven persons, including three designees of NAE and Chris Peykoff. Robert Smith, an officer of NAE, has been elected as a director, and it is anticipated that two additional designees of NAE will be appointed to the board in the next several days. Robert Smith is vice-chairman and a major shareholder USA Waste Services Inc., a publicly-held company listed on NASDAQ which is engaged in the waste management business.
 AFW plans to apply for NASDAQ listing of AFW's securities in 1992. Such application and listing is subject to completing consolidated audited financial statements for required periods, satisfying the applicable requirements of NASDAQ, and other conditions.
 The Company currently has operations in Dallas and Santa Ana.
 -0- 11/29/91
 /CONTACT: Richard Adams of America's Finest Waters, 801-944-1805/ CO: America's Finest Waters Inc.; Oasis Drinking Waters Inc.;
 North American Environmental Inc. ST: California, Texas, Utah IN: SU:


MC -- DV001 -- 8018 11/29/91 09:01 EST
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Publication:PR Newswire
Date:Nov 29, 1991
Words:492
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