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GLENEX CLAIMS AGAINST HAL ROACH STUDIOS ARE SETTLED

 TORONTO, Aug. 26 /PRNewswire/ -- Glenex Industries Inc. (OTC: GLXIF; VSE: GXI) today announced that claims filed by it in United States Bankruptcy Court against Hal Roach Studios Inc. have been settled by mutual agreement. The agreement provides for an allowed claim of US$1.95 million. Glenex expects that the claims will be settled at approximately $.33 on the dollar and that Glenex will therefore receive net proceeds of US$650,000. The proceeds will be recorded as income by Glenex during the quarter ending Sept. 30, 1993.
 -0- 8/26/93
 /CONTACT: Norman Glick or Elaine W. Carlebach of Glenex Industries Inc., 416-962-9292 or fax, 416-962-8730/
 (GLXIF)


CO: Glenex Industries Inc.; Hal Roach Studios Inc. ST: Ontario IN: SU:

SH-MP -- NY064 -- 6309 08/26/93 15:38 EDT
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Publication:PR Newswire
Date:Aug 26, 1993
Words:129
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