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CRYOTECH INDUSTRIES INC. ANNOUNCES MERGER WITH PARKER MARKETING INC.

    HOLLYWOOD, Fla., Nov. 16 ~PRNewswire~ -- CryoTech Industries In c. (OTC) announced today that it has acquired 80 percent of Parker Marketing Inc. (PMI), a privately owned company, headquartered in Portland, Ore.
    PMI is a distributor of financed life insurance programs for businesses.
    CryoTech is considering an offer from the Bayport Restaurant Group Inc. to buy its wholly owned subsidiary which operates a seafood processing business.
    The new board of directors of CryoTech consists of:  Hunter C. Parker, chairman; Daniel J. Meyers, president and chief executive officer; and Guy E. Jaques, vice chairman and treasurer.
    Meyers, president and chief executive officer, said, "Discussions are currently under way with several financial institutions and bankers to determine the best way to proceed with the financing of our aggressive growth strategy.  The principals of PMI have an extensive background in the marketing, wholesaling and financing of business life insurance and other related products."
    Before the merger there were 3.3 million shares of CryoTech Industries common stock outstanding.  Approximately 32 million common shares have been issued to the shareholders of Parker Marketing and an additional 700,000 shares have been issued as a result of the conversion of Class B convertible preferred stock.  There are currently 36,074,959 shares of CryoTech Industries common stock outstanding.
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    CONTACT:  Daniel J. Meyers, president and CEO of CryoTech Industries, 800-992-8666 CO:  CRYOTECH INDUSTRIES INC.; PARKER MARKETING INC. IN:  INS SU:  TNM ST:  FL


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Publication:PR Newswire
Date:Nov 16, 1992
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