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DELAWARE COURT APPROVES SETTLEMENT OF CONTEST FOR CONTROL OF KINARK CORPORATION

 TULSA, Okla., May 13 /PRNewswire/ -- Kinark Corporation (AMEX: KIN) announced today that the Delaware Court of Chancery has approved a settlement among Kinark, Northbridge Holdings, Inc. and the other participants in the contest for Kinark board seats. As part of the settlement, Northbridge terminated its consent and proxy solicitation and Kinark terminated its revocation of consent solicitation.
 The court's approval of the settlement results in the dismissal of all pending claims between the parties in the Delaware Chancery Court and the United States District Court in Delaware. Additionally, with the court's approval of the settlement, the sale by Altair Corporation of 236,000 shares of Kinark common stock to Northbridge will be consummated, as well as a standstill agreement and non-competition and confidentiality agreement between Altair and its affiliates and Northbridge. The settlement approval also cancels a 200,000-share stock option award granted to the former chairman of the company's executive committee, and sets aside a private placement of 206,612 shares of Kinark common stock to Altair.
 Kinark's board, along with its new members -- Richard E. Baierlein, Michael T. Crimmins and Mark E. Walker -- and the previous management team, looks forward to focusing on the company's profitability and growth. The board expects to announce shortly the rescheduled annual meeting date.
 Messrs. Baierlein and Crimmins are president and vice president- general counsel, respectively, of Northbridge, a privately held Delaware corporation with holdings in the chemicals and plastics businesses. Mr. Walker is a private investor and president of Ocean's Window, Inc., a privately held recreational products business.
 Kinark Corporation is a Delaware corporation, whose shares are listed for trading on the American Stock Exchange and the Pacific Stock Exchange. Kinark operates chemical facilities in Chicago and Montgomery, Ala., and supports industrial/commercial construction and metals corrosion protection with galvanizing plants in Denver, Louisville, Nashville, St. Louis, Houston and Hurst, Texas.
 -0- 5/13/93
 /CONTACT: Carolyn A. Fredrich of Kinark, 918-494-0964/
 (KIN)


CO: Kinark Corporation; Northbridge Holdings, Inc.; Altair Corporation ST: Oklahoma IN: CHM SU:

GK-LR -- NY078 -- 8265 05/13/93 16:00 EDT
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Publication:PR Newswire
Date:May 13, 1993
Words:343
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