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API ENTERPRISES AND CECO FILTERS TO MERGE

 API ENTERPRISES AND CECO FILTERS TO MERGE
 NEW YORK, Jan. 8 /PRNewswire/ -- Ceco Filters, Inc. of Conshohocken,


Pa. (PHLX: CEC.X) and API Enterprises, Inc. of Hauppauge, N.Y. (NASDAQ: APIE) announced today that the companies intend to merge in a share exchange transaction valued at approximately $25.5 million dollars.
 API Enterprises will be consolidating its shares on a one new for five old basis and one share of new API will be exchanged for each existing share of Ceco Filters, Inc.
 As a first step in this transaction API Enterprises announced that it has agreed to acquire 24.8 percent of Ceco Filters from IntroTech Investments Inc., a private corporation, in a share exchange based on the same formula as the proposed merger.
 API Enterprises has been engaged in the manufacture of custom power transistors and semi-conductors. API intends to divest its semi- conductor interests and concentrate on expanding Ceco Filters' operations.
 Ceco Filters, Inc. is in the pollution controls industry and is a leading manufacturer of industrial air filters.
 Upon completion of the merger API Enterprises intends to change its name to more properly reflect its new direction.
 -0- 1/8/92
 /CONTACT: Phillip DeZwirek of Ceco Filters, 416-593-6543/
 (APIE CEC.X) CO: API Enterprises, Inc.; Ceco Filters, Inc. ST: New York, Pennsylvania IN: SU: TNM


SM-KW -- NY103 -- 7898 01/08/92 15:11 EST
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Publication:PR Newswire
Date:Jan 8, 1992
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