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ANAKAP AND PRINS RECYCLING CORP. ANNOUNCE MERGER

 ANAKAP AND PRINS RECYCLING CORP. ANNOUNCE MERGER
 FT. LEE, N.J., Nov. 13 /PRNewswire/ -- Anakap, Inc.


(OTC: Pink Sheets) announced today that it has concluded its merger with Prins Recycling Corp. and in connection therewith has changed its name to Prins
Recycling Corp. The company also annouced that it has received approximately $2.3 million of net proceeds from the initial closing of a recent private placement of common stock and warrants. The private offering is continuing and the company may receive between $300,000 and $500,000 of additional proceeds from this placement, net of offering costs, within the next 17 days. In addition to changing its name, the company also amended its articles of incorporation to revise its capital structure to, among other things, authorize a preferred stock with such rights and preferences as the board of directors of the company may from time to time determine. In connection with the merger, control of the company passed to the former shareholders of Prins Recycling Corp.
 The company is engaged in providing wastepaper and other secondary paper fibers to paper and building product mills throughout the world. The company obtains its wastepaper and secondary fibers from a variety of sources including municipalities, large newspapers, waste hauling companies, and large commercial waste generators.
 The company intends to file a Current Report on Form 8-K with the Securities and Exchange Commission respecting the acquisition of Prins Recycling Corp. within the time period required by law.
 -0- 11/13/92
 /CONTACT: Richard Prins, executive vice president of Prins Recycling Corp., 201-886-1600/ CO: Anakap, Inc.; Prins Recycling Corp. ST: New Jersey IN: PAP SU: TNM


CH -- NE004 -- 0709 11/13/92 12:52 EST
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Date:Nov 13, 1992
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