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American Stone Industries Reports On Annual Meeting

CLEVELAND, Nov. 22 /PRNewswire/ -- At the annual meeting of American Stone Industries, Inc. (Nasdaq: ASTI) today, shareholders authorized the company's board of directors to effect a reverse stock split of up to one share for ten shares of the outstanding common stock. The company also announced its intention to have its common shares listed on the Nasdaq SmallCap Market.

The reverse split is necessary for the company to comply with listing criteria for the SmallCap Market. Shareholders also approved a new set of bylaws which will satisfy the Nasdaq listing criteria. The company hopes to make its application for listing on the SmallCap Market by the end of 1996.

In other action at the annual meeting, shareholders re-elected five individuals to the board and ratified the selection of independent public accountants. The five elected board members are: Thomas H. Roulston II (chairman), Glen Gasparini, Enzo Costantino, Michael J. Meier and Timothy J. Panzica. Hobe & Lucas, CPAs, Cleveland, is the company's new independent public accounting firm.

American Stone Industries is a holding company which mines and sells stone predominantly for the building stone market through its wholly owned subsidiary, American Stone Corporation. American Stone Corporation owns and operates the Berea Sandstone Quarries in Amherst, Ohio.

SOURCE American Stone Industries, Inc.
 -0- 11/22/96

/CONTACT: Patrick Gallagher of Edward Howard & Co., 216-781-2400/


CO: American Stone Industries, Inc. ST: Ohio IN: MNG SU: PER

JS-CK -- CLF030 -- 5998 11/22/96 17:00 EST
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Publication:PR Newswire
Date:Nov 22, 1996
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