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CEDAR GROUP ISSUES ANNOUNCEMENT

 CONSHOHOCKEN, Pa., June 29 /PRNewswire/ -- Cedar Group, Inc. (NASDAQ: CDRGQ) announced today that on June 25, 1993, it filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania an Amended Joint Plan of Reorganization and Amended Joint Disclosure Statement relating to the reorganization proceedings of Cedar Group and certain of its subsidiaries pursuant to Chapter 11 of the Bankruptcy Code.
 The Amended Plan proposes that Edinov Technologies, Inc., a Canadian Corporation with shares traded on the Vancouver Stock Exchange, provides financing for the reorganization and that Edinov shareholders receive 95 percent of the post-bankruptcy Cedar Group stock. As a result of the contemplated transactions, Edinov would become a wholly owned subsidiary of Cedar Group.
 Approval of the Amended Plan is subject to bankruptcy court approval and approval of various classes of Cedar Group creditors and equity holders. The transactions with Edinov also will require approval by Edinov shareholders and a Canadian Court. Cedar Group's four principal shareholders, holding an aggregate of approximately 50 percent of the outstanding Cedar Group stock, have entered into a voting trust giving Edinov's principal shareholder the right to vote that stock in favor of the Amended Plan.
 Edinov, through its subsidiaries, is a manufacturer and distributor of industrial specialty fasteners and related items. Cedar Group, through its subsidiaries, is involved in the importing and distribution of fasteners. Cedar Group operates from warehouses in Chicago and Houston. Sales offices are located in Philadelphia and Houston, with financial and data processing operations located in Philadelphia.
 /delval/
 -0- 6/29/93
 /CONTACT: Stephen S. Simyak of Cedar Group, 215-834-8570/
 (CDRG)


CO: Cedar Group, Inc.; Edinov Technologies, Inc. ST: Pennsylvania IN: SU: BCY

CC-LJ -- PH013 -- 6689 06/29/93 12:08 EDT
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Publication:PR Newswire
Date:Jun 29, 1993
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