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INCE IV AND PONTUS INDUSTRIES SIGN LETTER OF INTENT

 INCE IV AND PONTUS INDUSTRIES SIGN LETTER OF INTENT
 NEW YORK, Oct. 14 /PRNewswire/ -- Mark Moldenhauer, president of


Ince IV and Jacob Sternberg, chairman of Pontus Industries Inc. today announced the signing of a letter of intent for a merger between Ince IV and Pontus.
 Ince IV is a publicly-held company formed as part of a blank check offering. It has no operations and was formed for the purpose of acquiring an operating company. Pontus, a recently formed company, is privately-held and has the rights to cut up to 100,000 cubic meters of timber annually in the Priovsky region of Russia, which is located approximately 200 miles north of Krasnoyarsk. Pontus also owns certain capital equipment and trucks. A subsidiary of Pontus has entered into a joint venture to form a marketing company to purchase the forest products from these operations. It expects to commence operations during the winter. Pontus is exploring the possibility of other projects in Russia.
 The merger is subject to a number of conditions, including the execution of a definitive agreement.
 -0- 10/14/92
 /CONTACT: Phillips, Nizer, Benjamin, Krim & Ballon, 212-977-9700, for Ince IV and, Pontus Industries, Inc./ CO: Ince IV, Pontus Industries ST: New York IN: PAP SU: TNM


TM-LD -- NY010 -- 9644 10/14/92 07:00 EDT
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Publication:PR Newswire
Date:Oct 14, 1992
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