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GROW BOARD APPROVES CONTRACT FOR ACQUISITION OF ZYNOLYTE PRODUCTS COMPANY FOR $16,300,000 AND UPDATES EARNINGS FORECAST

 NEW YORK, July 29 /PRNewswire/ -- Grow Group, Inc. (NYSE: GRO) announced today that its board of directors approved execution of a contract to purchase the stock of Zynolyte Products Company (Zynolyte) for $16,300,000 in cash (subject to further adjustment). Zynolyte, located in Carson, Calif., was affiliated with Standard Brands Paint Company which recently emerged from a Chapter 11 proceeding. After the closing, which is scheduled for Monday, Aug. 2, 1993, management of Zynolyte will remain under the direction of Craig A. Gioia as president of Grow's subsidiary.
 Zynolyte is a leading producer of aerosol and specialty brush- applied paint products with revenues in excess of $27 million. Its extensive line of products is sold under recognized, company-owned brand names and private labels domestically and internationally through mass merchandisers, hardware distributors and exporters.
 Russel Banks, president of Grow Group, stated, "We are pleased with the addition of Zynolyte to our group. It has the technology to meet emerging VOC and other regulatory requirements and it opens new channels of distribution for products utilizing Grow's waterborne technology."
 Mr. Banks also announced that, "Grow expects to report its financial results for the fiscal year ended June 30, 1993 on or about Friday, Aug. 6, 1993. The results for the quarter ended June 30, 1993 are expected to be more than satisfactory and should enable Grow to report earnings in the upper range of $.85 to $.90 per share."
 Grow Group is a leading producer of specialty chemical coatings and paints and household products. Grow operations include manufacturing facilities, sales offices and licensees throughout the world.
 -0- 7/29/93
 /CONTACT: Jennifer R. Wall or Peter C. Harkins of D.F. King & Co., Inc., 212-269-5550, for Grow Group/
 (GRO)


CO: Grow Group, Inc.; Zynolyte Products Company ST: New York, California IN: CHM SU: TNM ERP

SM-MP -- NY028 -- 7189 07/29/93 10:02 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
Words:312
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