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BURNUP & SIMS AND CHURCH & TOWER STRIKE DEAL

 FORT LAUDERDALE, Fla., Nov. 5 /PRNewswire/ -- Burnup & Sims Inc. (NASDAQ: BSIM) announced today that it has finalized negotiations with the Mas family to acquire Church & Tower, Inc. and Church & Tower of Florida, Inc. for approximately $58 million. The acquisition will result in approximately 10,250,000 shares of Burnup common stock being issued to the shareholders of Church & Tower (approximately 63.8 percent of the Burnup common stock outstanding after given effect to the transactions contemplated).
 The acquisition remains subject to, among other things, receipt of financial advisory opinions, ratification by the board of directors of Burnup and approval by the shareholders of Burnup. The agreement is also subject to the execution of an agreement between Burnup and National Beverage Corp. providing for the elimination of the ownership of Burnup common stock by National Beverage at a per-share valuation no less favorable to Burnup than that of the Church & Tower transaction.
 Nick A. Caporella, chairman of the board and chief executive officer of Burnup, stated, "The acquisition of Church & Tower furthers Burnup's previously announced plan to reorganize its operations. The integration of Church & Tower's operations with Burnup, together with the leadership of the Mas organization, will lead to significant opportunities in the telecommunications industry."
 Jorge Mas, president of Church & Tower, added, "I look forward to taking the strong foundation created by Nick Caporella and expanding Burnup's horizons both domestically and internationally."
 Opening the lines of communications(TM) across the United States and abroad, Burnup & Sims is a leading telecommunications service company with diversified interests in movie theatres, commercial printing and real estate.
 The Church & Tower group provides telecommunications services, including engineering, construction and maintenance, for regional telephone companies and long-distance carriers.
 -0- 11/5/93
 /CONTACT: Diane Allen, office of the president, Burnup & Sims, 305-587-4512/
 (BSIM)


CO: Burnup & Sims Inc.; Church & Tower, Inc. ST: Florida IN: TLS SU: TNM

AW-PC -- FL009 -- 1240 11/05/93 12:50 EST
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Publication:PR Newswire
Date:Nov 5, 1993
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