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GLENEX INDUSTRIES REPORTS YEAR END RESULTS

 TORONTO, July 23 /PRNewswire/ -- Glenex Industries Inc. (OTC: GLXIF; VSE: GXI) today released results for its fiscal year ended March 31, 1993. After considerable downsizing and streamlining of operations, Glenex has succeeded in stabilizing its asset base. Net loss for the year was $934,831 or $0.10 a share compared to a loss of $8.5 million or $.95 per share in 1992, which included $5.1 million or $0.57 per share in writedowns in the carrying value of assets and losses from discontinued operations. Revenues from continuing operations declined slightly in fiscal 1993 to $4.2 million from $4.5 million in 1992. The company is now operating on a positive cash flow basis demonstrating the stability of existing operations. Cash provided by continuing operations for fiscal 1993 amounted to almost $1.0 million.
 -0- 7/23/93
 /CONTACT: Norman Glick or Elaine N. Carlebach of Glenex Industries, 416-962-9292/
 (GLXIF)


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

LG-WB -- NY034 -- 5079 07/23/93 11:04 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
Words:171
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