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HEARTLAND INC. ANNOUNCES $23.5 MILLION REFINANCING, COMPLETION OF SIGMAN MEAT CO. ACQUISITION

 SCOTTSBLUFF, Neb., Jan. 26 /PRNewswire/ -- John H. Wise, chairman of the board of Heartland Inc. (OTC), announced today the completion of a new $23.5 million credit facility with FSB Ag Credit Inc., a subsidiary of Minneapolis-based First Bank N.A.
 The credit facility is composed of $20 million operating revolving line of credit and a $3.5 million term loan.
 Wise said that the proceeds were to be used to retire approximately $12 million of existing debt and complete the previously announced acquisition of Sigman Meat Co.
 "This facility puts into place an important part of our credit needs for the near-term future," said Wise. "It also associates Heartland with a leading agricultural and food services lender, in the mid-continent, FSB Ag Credit. We are very pleased with this new association," said Wise.
 Sigman Meat Co. Acquisition Completed
 Wise also reported the completion of the acquisition of Sigman Meat Co., homebased in Denver. Sigman Meat Co., in business for more than 50 years was a privately held diversified food processing company. The company manufactures a wide range of processed beef, poultry and pork products including luncheon meats and deli products to more than 100 customers in approximately 14 states. Principal customers include King Soopers Stores, Safeway Stores, Albertsons Stores, City Markets, Super Value Stores and Topco Inc.
 Sigman Meat Co. is expected to contribute approximately $25 million in sales to Heartland during 1993.
 The purchase price was approximately $4.5 million in cash and assumption of obligations.
 Darwin A. Heggem, president of Heartland Inc., said, "This acquisition is an important and strategic one for Heartland for a variety of reasons. It accelerates Heartlaso brings to Heartland an efficient 200,000-square-foot plant with manufacturing and cold storage on 23 acres in Arvado, Colo."
 Heggem noted that existing officers would continue as senior management of Sigman Meat Co., including Mehdi S. Shirazi as president.
 Heartland Inc., with operations in California, Colorado and Nebraska is a vertically integrated food products and services company which produces, processes and distributes beef, pork, poultry and related food products for markets in the United States and internationally.
 -0- 1/26/93
 /EDITOR'S NOTE: Wise, chairman, and Thomas J. Bernard, chief operating officer, are residents of Fresno, Calif./
 /CONTACT: Darwin A. Heggem, president, or Thomas J. Bernard, COO, 308-635-7931, or John H. Wise, chairman of the board, or William F. Coffin, 209-252-5190, all of Heartland/


CO: Heartland Inc.; Sigman Meat Co. ST: Nebraska IN: FOD SU: TNM

KJ-LS -- LA008 -- 8930 01/26/93 09:04 EST
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Date:Jan 26, 1993
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