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CANAVERAL INTERNATIONAL ANNOUNCES SUBSTANTIAL ASSET RESTRUCTURING FOR GROWTH INTO THE 21st CENTURY

 CANAVERAL INTERNATIONAL ANNOUNCES SUBSTANTIAL ASSET RESTRUCTURING
 FOR GROWTH INTO THE 21st CENTURY
 MIAMI, Sept. 8 /PRNewswire/ -- Canaveral International Corp. (NASDAQ: CANI) founded in 1960 by Henry and D.S. Dubbin from a diversified family business that included shipping, mining and oil, now consists of over 7,000 shareholders. Recent business acquisitions have increased assets from $5.8 million in 1991, to $35.2 million in 1992. After an initial public offering on the American Stock Exchange in 1960, the firm moved to NASDAQ in 1979.
 Canaveral, in the 1960s was one of the first suppliers to the U.S. space program and a major beneficiary of the land boom that resulted from the selection of Cape Canaveral as launching site for our nation's moon mission. The company supplied logistical support to the military sealift command by servicing the down range missile tracking stations. Canaveral purchased and subdivided thousands of acres in Florida, Texas and Freeport, Grand Bahama. Cape Canaveral real estate operations included 9,000 acres of now-developed properties.
 The mining and shipping operations were terminated and oil well interests and mobile home operations were sold. Canaveral concentrated efforts on development of 596 acres in Palm Beach County during the 1980s which was a $40 million enterprise.
 In March 1992, William Craig was appointed president and elected to the board of directors. D.S. Dubbin remains as a consultant to Canaveral and Henry Dubbin remains senior vice president.
 The new management team has expanded. The firm acquired several new business concerns in 1992. Management has reduced debt overall, and increased working assets. The recent acquisitions and joint ventures reflect management's direction into the high growth markets of media and medical interests. Building on a solid base of real estate holdings, management, development and sales, Canaveral combines many years of expertise with an expanded and diversified management team for the 1990s and beyond
 A concentration of efforts is now underway to increase corporate income, profits and shareholder earnings by using the recently acquired asset base.
 The firm has acquired television and music properties, totaling over 3,300 titles, in June of 1992. Television program syndication, home video cassette sales and music concerts incorporating pay-per-view and video taping for television and cable is currently underway as part of the new growth plan.
 In addition, the firm maintains several real estate properties including office buildings totaling approximately 70,000 square feet. Recently, Canaveral has contracted to sell a building in Miami to Biscayne Medical Arts, Inc., a medical clinic. Canaveral International shall own 70 percent of the stock in Biscayne Medical as part of this business enterprise.
 Management continues to build assets and capital strength. The firm is currently active in the European financial market with a planned bond offering of $7.5 million through Canaveral financial advisors in London.
 The Canaveral building escaped the hurricane with little damage, and is now prepared for future growth.
 -0- 9/8/92
 /CONTACT: Nicole Nehrke of Canaveral International, 305-759-2441 or 305-759-2442/ CO: Canaveral International Corp. ST: Florida IN: SU: RCN


JJ-AW -- FL012 -- 7091 09/08/92 14:56 EDT
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Publication:PR Newswire
Date:Sep 8, 1992
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