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CREST INDUSTRIES ANNOUNCES PRELIMINARY DISCUSSIONS RELATING TO PROPOSED BUSINESS COMBINATION

 CREST INDUSTRIES ANNOUNCES PRELIMINARY DISCUSSIONS
 RELATING TO PROPOSED BUSINESS COMBINATION
 MIAMI, June 26 /PRNewswire/ -- Crest Industries, Inc, (NASDAQ: CRII) today announced that it is engaged in preliminary discussions relating to a proposed business combination with a privately held manufacturer and distributor of lighting products.
 Such preliminary discussions contemplate that Crest would issue an amount of common stock such that the existing shareholders of the private company would own over 50 percent of Crest's outstanding shares after the business combination. However, the parties have not reached any understanding or agreement as to specific terms and neither the revenues nor the earnings of the privately held company have been disclosed to the public. Moreover, consummation of the business combination would be subject to a number of factors, including the negotiation and execution of an acceptable definitive agreement, approval by Crest's board of directors and shareholders, and the completion of a due diligence investigation to Crest's satisfaction. There is no assurance that the proposed business combination will be consummated.
 Crest is primarily engaged in the importation and wholesale distribution of home improvement products, including ceiling fans, room air conditioners, track and recessed lighting products, dehumidifiers and plumbing fixtures.
 -0- 6/26/92
 /CONTACT: Ronald S. Kepes, president and CEO, or Gary Rodney, vice president and CFO of Crest Industries, 305-592-5699, or Susan Sherman of Cameron Associates, 212-644-9560, for Crest Industries/
 (CRII) CO: Crest Industries Inc. ST: Florida IN: HOU SU: TNM


CK-TS -- NY036 -- 4204 06/26/92 11:59 EDT
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Publication:PR Newswire
Date:Jun 26, 1992
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