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BUFFTON ANNOUNCES ENTERTAINMENT VENTURE AND NEW BOARD MEMBER

 BUFFTON ANNOUNCES ENTERTAINMENT VENTURE AND NEW BOARD MEMBER
 FORT WORTH, Texas, Dec. 23 /PRNewswire/ -- Robert H. McLean, chairman of the board and president of Buffton Corporation (AMEX: BFX), announced today that Buffton Corporation has established a joint venture to develop, own and operate entertainment, food and beverage facilities in certain markets in the
United States and overseas. Entertainment


Centers of America, Inc., ("ECA") has been formed with Billy Bob Barnett and Spencer Taylor, developers of "Billy Bob's Texas" (the world's largest honky tonk), "Dallas Alley" (a multi-theme entertainment center) and several highly successful operations in New Orleans.
 McLean stated, "ECA's primary focus will be multi-theme entertainment centers and currently has a 65,000 square foot project under construction in Minneapolis, Minn. This project 'Mississippi Live,' with projected annual revenues of $17 million is being funded by Kajima Corporation of Japan and is a part of Riverplace, a multi-use commercial and residential development. Kajima Corporation, one of the largest construction companies in the world, has annual revenues of $9 billion. 'Mississippi Live,' scheduled to open in May 1992, is being developed to increase foot traffic and revitalize the specialty retail portion of Riverplace."
 McLean stated, "Kajima interviewed a number of prominent companies in the entertainment industry and we were particularly pleased that they selected ECA to develop, own and operate this entertainment center project."
 McLean further stated, "ECA is also developing entertainment facilities in New Orleans. ECA has spotlighted the New Orleans' market as a single entertainment center to be most efficiently operated by one management team."
 McLean continued "As we have announced over the past five years, Buffton Corporation has been seeking opportunities to redeploy certain of its assets into an industry offering greater growth potential and opportunity for increased value to our shareholders. In 1989, a strategic planning committee of the board of directors was formed and, with the assistance of Dean Witter Reynolds, Inc., analyzed several attractive growth industries. As a result of our research, we have determined that the entertainment, food and beverage industry in certain markets in the United States and particularly overseas meets our criteria for attractive growth potential. More specifically, the entertainment center concept ECA has developed, such as 'Mississippi Live,' can be readily reproduced in our markets of interest. A strong demand exists in the real estate industry for an anchor tenant that can create foot traffic to revitalize existing retail or festival marketplace projects and depressed warehouse districts. In addition, there is a significant and growing foreign demand for certain American products, particularly American entertainment, food and beverage."
 McLean continued, "We are attracted by the relatively low capital requirements to grow this business. In addition, entertainment center projects are attractive for investor partnerships that provide equity financing. Also, real estate developers are interested in providing capital to create such an anchor tenant to bring greater value to their troubled real estate projects. Given the availability of such capital, we would not look to the banking industry to provide funding for growth."
 McLean further stated, "The opportunity presented by ECA for a change in direction of our company comes at an awkward time in light of the April 1, 1992 repayment date of our Bank of Boston financing. We do not believe that a refinancing of our existing debt is possible in today's economic environment and, as a result, as previously announced, we have no alternative but to evaluate the sale of certain subsidiaries and assets of the company. In this regard, discussions are underway with several prospective purchasers of B&D Instruments and Avionics, Inc., our avionics subsidiary. Since we do not know if a sale of B&D or another subsidiary will be consummated and enable us to refinance our remaining Bank of Boston debt, it is possible that we may have to sell our interest in ECA."
 Also today, McLean announced, "Bruno D'Agostino has joined the company's board of directors to assist in the development of our entry into the entertainment, food and beverage industry. D'Agostino is graduated from Harvard University with a masters degree in architecture and urban design. He is a founding partner of D'Agostino Izzo Quirk Architects of Somerville, Mass. D'Agostino has had a 20-year relationship with The Rouse Company of Columbia, Md.; directing major waterfront projects, including Faneuil Hall Marketplace (Boston), South Street Seaport (New York), Harborplace (Baltimore), Jacksonville Landing and Bayside Marketplace (Miami). Since the formation of D'AIQ, D'Agostino has been involved as a consultant with The Disney Boardwalk and Disney Village and the retail center in Anaheim, Calif.
 Buffton Corporation is a diversified group of companies engaged in the manufacture of avionic, electronic and plastic products.
 -0- 12/23/91
 /CONTACT: Robert Korman, vice president, chief financial officer of Buffton, 817-332-4761/
 (BFX) CO: Buffton Corporation ST: Texas, Minnesota IN: ENT SU: JVN


JT -- NY058 -- 4880 12/23/91 14:00 EST
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Date:Dec 23, 1991
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