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GROW GROUP ANNOUNCES NEGOTIATIONS TO SELL 16.6 PERCENT STAKE

 GROW GROUP ANNOUNCES NEGOTIATIONS TO SELL 16.6 PERCENT STAKE
 NEW YORK, July 16 /PRNewswire/ -- Grow Group, Inc. (NYSE: GRO) said that it is engaged in active negotiations to sell 2,312,000 newly issued shares of common stock at a price of $16.75 per share for an aggregate of $38,726,000 to an unaffiliated third party foreign industrial company engaged in similar businesses to Grow. If the transaction is consummated, the third party would own approximately 16.6 percent of the company's then outstanding common stock and obtain minority representation on the company's board of directors. The company and the third party also are negotiating a standstill agreement which would continue in effect for approximately three years and would provide, among other things, that during such period the third party could increase its ownership position to a maximum of 28 percent of the company's stock through open market or privately negotiated purchases.
 There can be no assurance that the negotiations will result in an agreement being reached between the parties or, if an agreement is entered into, that the transaction will be consummated.
 -0- 7/16/92
 /CONTACT: Russell Banks of Grow Group, 212-599-4400, or Jennifer R. Wall or Peter C. Harkins of D. F. King & Co., 212-269-5550, for Grow Group/
 (GRO) CO: Grow Group, Inc. ST: New York IN: SU: TNM


SM-OS -- NY021 -- 9912 07/16/92 09:47 EDT
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Publication:PR Newswire
Date:Jul 16, 1992
Words:234
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