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GLENEX INDUSTRIES INC. GRANTS NEW INCENTIVE OPTIONS

 TORONTO, Canada, May 5 /PRNewswire/ -- Glenex Industries Inc. (NASDAQ-NMS: GLXIF) has today cancelled all presently outstanding director and employee incentive options and granted new director and employee incentive options to purchase up to 505,000 shares. The new options are exercisable on or before May 5, 2003 at the price of $.20 per share. The average closing price at which the company's shares traded on the Vancouver Stock Exchange during the ten days immediately preceding this release was $.20. The options are subject to acceptance by regulatory authorities and, as to options granted to directors and other insiders of the company, to shareholder approval.
 -0- 5/5/93
 /CONTACT: Norman Glick, president, or Elaine N. Carlebach of Glenex Industries Inc., 416-962-9292, or fax, 416-962-8730/
 (GLXIF)


CO: Glenex Industries Inc. ST: Ontario IN: SU:

AH-OS -- NY072 -- 4967 05/05/93 14:51 EDT
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Publication:PR Newswire
Date:May 5, 1993
Words:142
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