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C. R. GIBSON AGREEMENT IN PRINCIPLE TO PURCHASE ASSETS

 NORWALK, Conn., April 15 /PRNewswire/ -- Mr. Frank A. Rosenberry, president and CEO of The C. R. Gibson Company (AMEX: GIB), and Mr. Stephen R. Lett, president and CEO of The Rytex Company, jointly announced that the C. R. Gibson Company has reached an agreement in principle to purchase substantially all of the assets and business of Rytex. The agreement, which is scheduled to close later this month, is subject to the execution of a definitive agreement and satisfaction of certain conditions.
 The Rytex Company, located in Indianapolis, Ind., is a manufacturer and distributor of fine stationery and personalized paper products to Stationery Stores, Department Stores, Gift Shops and Card and Party Stores.
 Rytex also produces mailing inserts featuring personalized stationery products which are distributed by major retail accounts. Additionally, Rytex's Direct Mail Division produces two families of catalogs under the trade names: "The Write Touch" and "Writewell."
 In commenting on the proposed acquisition, Mr. Rosenberry said that "The new association with Rytex would further support the partnership that C. R. Gibson has with Stationery and Paper Gift Retailers in the United States and Canada. Also, the addition of the Direct Mail segment of the business affords an excellent opportunity to utilize a new channel of distribution for C. R. Gibson."
 Mr. Stephen R. Lett stated that "The manufacturing and marketing resources that would be available to Rytex creates synergistic opportunities that can be developed between the two organizations to grow the business."
 Sales of The Rytex Company for fiscal year 1992 were approximately $10 million.
 The C. R. Gibson Company is a diversified manufacturer and distributor of published products and paper gift items. The stock is listed on the American Stock Exchange, symbol GIB.
 -0- 4/15/93
 /CONTACT: Frank A. Rosenberry, president and CEO or James M. Harrison, vice president and CFO of C.R. Gibson Company, 203-847-4543/
 (GIB)


CO: C.R. Gibson Company; Rytex Company ST: Connecticut IN: SU: TNM

WB-OS -- NY105 -- 6434 04/15/93 16:22 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
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