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CROWNAMERICA TO PAY $11.50 PER SHARE FOR 485,105 COMMON SHARES

 DALTON, Ga., May 11 /PRNewswire/ -- The board of directors of CrownAmerica, Inc., said today the company will repurchase 485,105, or approximately 46.1 percent, of its 1,053,000 outstanding common shares, from tendering shareholders at a cash price of $11.50 per share.
 Shareholders should receive checks shortly after the transfer of funds on May 14.
 G. Lane Hamilton, president, said CrownAmerica will purchase the common stock with certain proceeds received from the recent sale of one of its plants to Aladdin Mills, Inc. Hamilton said the company expects the stock purchase to result in a reduction in number of shareholders from 348 to 223, thus enabling the company to go private during August 1993.
 CrownAmerica, Inc. is a leading supplier of processed filament yarns for the carpet industry. Its subsidiaries operate plants in Dalton and near Heerlen in the Netherlands under the name Texture-Tex, Inc.
 -0- 5/11/93
 /CONTACT: G. Lane Hamilton or David Hamilton of CrownAmerica, 706-278-1422/


CO: CrownAmerica, Inc. ST: Georgia IN: TEX SU: OFR

BR-BN -- AT005 -- 6921 05/11/93 10:12 EDT
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Publication:PR Newswire
Date:May 11, 1993
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