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Corporate Renaissance Group, Inc. Announces Open Market Share Repurchase Program

NEW YORK, Nov. 26 /PRNewswire/ -- Corporate Renaissance Group, Inc., (Nasdaq: CREN) announced today that the Company's Board of Directors has authorized the management to implement an open market share repurchase program pursuant to which the Company from time to time may purchase up to an aggregate of 175,000 shares of Common Stock (18.3% of the outstanding shares) in open-market transactions.

The Board took this step upon the recommendation of the Company's management in order to provide stockholders desiring to sell their shares with enhanced market liquidity. At the same time, the Company believes that open- market purchases of its shares at a discount from net asset value will enhance long-term shareholder value. Based upon current market conditions, the Board determined to take no action at this time to implement a self-tender offer at a premium to market prices, which had been approved in principle on August 7, 1996.

Corporate Renaissance Group, Inc. is a non-diversified closed-end management investment company which has elected to be treated as a business development company under the Investment Company Act of 1940. Its investment objectives is to acquire controlling and other interests (alone or together with certain affiliates of its investment adviser, M.D. Sass Investors Services, Inc.) in distressed securities of companies which have recently completed or are undergoing financial restructurings. The Company seeks to obtain such distressed security investment positions at significant discounts from the market value for comparable companies.

The M.D. Sass Group manages in excess of $9 billion in assets.

SOURCE Corporate Renaissance Group, Inc.
 -0- 11/25/96

/CONTACT: Fred M. Stone of Corporate Renaissance Group, Inc., 212-730-2000, or fax, 212-843-5949/


CO: Corporate Renaissance Group, Inc.; ST: New York IN: FIN SU:

KS-NT -- NYTU006 -- 4181 11/26/96 08:29 EST
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Publication:PR Newswire
Date:Nov 26, 1996
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