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 FORT LAUDERDALE, Fla., Sept. 23 /PRNewswire/ -- Burnup & Sims Inc. (NASDAQ: BSIM) announced today that it is negotiating to acquire Church & Tower (a South Florida based telecommunications service company), subject to, among other things, the execution of a definitive agreement, receipt of financial advisory opinions and satisfactory completion of due diligence.
 Under the terms being discussed, Burnup & Sims will issue common stock in exchange for all the outstanding capital stock of Church & Tower based on values determined by independent investment banking firms. Although the exchange rate has not been finalized, it is contemplated that the transaction would result in a substantial number of shares of Burnup common stock being issued to the stockholders of Church & Tower at a value in excess of its current market price.
 The definitive agreement would, in addition to customary representations, warranties, covenants and conditions, include conditions that the ownership of Burnup common stock by National Beverage Corp. be eliminated or reduced on terms acceptable to Burnup and the stockholders of Church & Tower and that the stockholders of Burnup approve the transaction. The parties expect to execute the definitive agreement within the next two weeks.
 Nick A. Caporella, chairman of the board and chief executive officer of Burnup, stated, "The acquisition, at this time, will position our company to maximize both domestic and international opportunities. The management of Church & Tower has a proven record of growth and the joining of our two companies will create a dynamic organization poised to capture worldwide opportunities in the explosive telecommunications industry."
 Church & Tower is engaged in the telephone construction industry with operations located in South Florida and is owned by the family of Jorge Mas Sr., a leading Cuban exile. The business includes telephone master contract work and public work projects, including construction of the "People Mover" in Miami and a South Florida detention center.
 Burnup also announced that in light of the negotiations and the requirement for stockholder approval, it has postponed its annual meeting of stockholders which had been scheduled for Oct. 22, 1993.
 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.
 -0- 9/23/93
 /CONTACT: Diane Allen, office of the president of Burnup & Sims Inc., 305-587-4512/

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

PC-AW -- FL006 -- 5083 09/23/93 09:51 EDT
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Publication:PR Newswire
Date:Sep 23, 1993

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