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BLACK HAWK HOLDINGS ANNOUNCES DEFINITIVE AGREEMENT TO ACQUIRE EAGLE PLASTICS

 MINNEAPOLIS, Sept. 16 /PRNewswire/ -- Black Hawk Holdings, Inc. (OTC Bulletin Board: BHHI), a Minneapolis-based public company, announced today that it has signed a definitive purchase agreement to acquire approximately 91 percent of Eagle Plastics, Incorporated. The acquisition is scheduled to be completed by the end of November. Eagle Plastics, located in Hastings, Neb., manufactures quality polyethylene and PVC pipes for a variety of commercial and residential uses. For fiscal 1992, Eagle had revenues of $23.2 million. For the eight-month period ended August 31, 1993, sales were $17.2 million. Since 1989, Eagle has consistently increased sales and profitability.
 "Eagle Plastics fits the criteria Black Hawk was looking for in an acquisition -- a steady profitable business located in the Midwest with a strong management team committed to making the company grow," said William Spell, president of Black Hawk Holdings. "The acquisition will allow Black Hawk to start utilizing its $46 million net loss carryforward (NOL) and once again own an operating business." Larry Schnase, chairman of the board of Eagle, said, "This transaction is a benefit to Eagle as it will provide the resources necessary to maintain its growth and to seek increases in its business. Black Hawk's status as a public company also will allow persons familiar with Eagle, including Eagle employees, to obtain ownership interest."
 Continental Bank of Chicago, Illinois has been engaged by Black Hawk to assist in raising the capital required to complete the transaction. The transaction will be funded by a mix of equity, senior debt and subordinated debt financing.
 Black Hawk Holdings, Inc. is a publicly traded company seeking acquisition candidates with a history of sales revenue, earnings and cash flow. Black Hawk's common stock is traded on the NASDAQ Bulletin Board under the symbol BHHI.
 -0- 9/16/93
 /CONTACT: William H. Spell of Black Hawk Holdings, 612-371-9650; or Melissa Quinn of Padilla Speer Beardsley, 612-871-8877, for Black Hawk Holdings/


CO: Black Hawk Holdings, Inc.; Eagle Plastics, Incorporated ST: Minnesota, Nebraska IN: SU: TNM

KH-DB -- MN014 -- 2822 09/16/93 16:33 EDT
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Publication:PR Newswire
Date:Sep 16, 1993
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