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GARMENT GRAPHICS, INC. AND NATIONAL ACQUISITION CORPORATION SIGN MERGER AGREEMENT

 MINNEAPOLIS, Jan. 7 /PRNewswire/ -- Garment Graphics, Inc. and National Acquisition Corporation announced today that they have signed a definitive merger agreement. Under provisions of the merger agreement, National Acquisition will merge with Garment Graphics, leaving Garment Graphics as the surviving corporation.
 The definitive merger agreement modifies certain terms of the previously announced letter of intent. National Acquisition shareholders will receive shares of common stock and warrants to purchase common stock of Garment Graphics in exchange for their National Acquisition shares at the rate of one share of Garment Graphics common stock for each four shares of National Acquisition common stock outstanding. In addition National Acquisition shareholders will receive one 24-month warrant exercisable at $3.00 per share, for each eight shares of Garment Graphics common stock outstanding. Also, current holders of National Acquisition public warrants will receive one additional Garment Graphics warrant, exercisable for 36 months at $6.00 per share for each four warrants currently outstanding. National Acquisition has 2,420,624 shares of common stock outstanding. Garment Graphics will issue a maximum of 605,156 share of its common stock and a total of 503,014 additional warrants in the merger.
 The merger is contingent upon approval by shareholders of each company. Garment Graphics has filed a registration statement with the Securities and Exchange Commission with respect to the securities to be issued in the merger. Both companies' shareholder meeting, called for the purpose of approving the merger, are expected to be held in late March 1993. The merger will provide Garment Graphics with approximately $900,000 in additional cash before expenses of the merger.
 R. Neil Hamlin, CEO and chairman of Garment Graphics stated, "We are very pleased with the progress of the merger and believe it will provide long-term benefits to shareholders of both companies."
 -0- 1/7/93
 /CONTACT: R. Neil Hamlin, CEO of Garment Graphics, Inc., 612-786-6220, or William H. Spell, president of National Acquisition Corporation, 612-371-9650, or Tom de Petra of de Petra & Associates, Inc., 612-338-7630, for Garment Graphics, Inc./


CO: Garment Graphics, National Acquisition ST: Minnesota IN: SU: TNM

LD -- NY106 -- 2879 01/07/93 19:18 EST
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Publication:PR Newswire
Date:Jan 7, 1993
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