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IMPERIAL INDUSTRIES ANNOUNCES ANNUAL MEETING OF STOCKHOLDERS

 MIAMI, Sept. 21 /PRNewswire/ -- Imperial Industries, Inc. today announced that it has scheduled an Annual Meeting of Stockholders for Nov. 30, 1993. The record date of the annual meeting is Oct. 4, 1993.
 In addition to the election of directors, the company is presenting a plan to its stockholders for approval that eliminates the company's preferred stock dividend arrearages, any future cumulative dividends and the mandatory sinking fund requirements of its issued and outstanding preferred stock, $1.10 cumulative convertible series. Voting rights, redemption price and liquidation preference of the preferred stock will remain unchanged. As an incentive for the holders to approve the proposed plan and modification of certain other terms of the preferred stock, the company has agreed to pay to its preferred stockholders, in cash, $1.00 per share of each share of preferred stock held by such stockholders at the close of business on the record date. The proposed plan is subject to the dissemination of proxy soliciting materials and requires approval of the majority vote of the issued and outstanding shares of common and preferred stock, voting separately as to class.
 In order to pay the $1.00 per share, the company has obtained a $300,000 financing commitment from an unrelated third party, secured by a second mortgage on certain real property owned by the company. The financing is subject to stockholder approval of the plan to modify the preferred stock.
 Imperial Industries, Inc., a building products company, operates in the states of Florida and Georgia through its subsidiaries, Premix- Marbletite Manufacturing Co. and Acrocrete, Inc., companies engaged in the manufacture and distribution of stucco and plaster products to building materials dealers.
 -0- 9/21/93 R
 /CONTACT: Howard L. Ehler Jr., executive vice president of Imperial Industries, Inc., 305-477-7000/


CO: Imperial Industries, Inc. ST: Florida IN: CST SU:

AW-RK -- FL014X -- 4586 09/22/93 10:18 EDT
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Publication:PR Newswire
Date:Sep 22, 1993
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