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INDUSTRIAL HOLDINGS ANNOUNCES CLOSING OF LANDRETH ACQUISITION AND DISCLOSES LARGE INSTITUTIONAL INVESTOR

 INDUSTRIAL HOLDINGS ANNOUNCES CLOSING OF LANDRETH ACQUISITION
 AND DISCLOSES LARGE INSTITUTIONAL INVESTOR
 HOUSTON, Oct. 29 /PRNewswire/ -- Robert Cone, president and CEO of Industrial Holdings, Inc. ("IHI"), announced the successful completion of its acquisition of Landreth Engineering Company for a combination of common stock, cash and debt assumption. Funding of the cash portion was made out of internal capital, bank debt and a $2.5 million convertible debenture privately placed with Renaissance Capital Partners II, Ltd., one of the Renaissance Capital Group Funds.
 Cone stated: "The acquisition of Landreth is our second in the last nine months. Landreth should achieve approximately $9.5 million in annualized revenues this year, up from $8.3 million in 1991. This acquisition will help us achieve our goal of $30 million in annualized revenues for 1993. Landreth, which is a manufacturer of a variety of fasteners, was acquired to provide diversification from the petrochemical/petroleum refining and transportation industry which IHI currently services."
 Cone went on to say: "We are also extremely pleased that Renaissance Capital has made such a significant investment in IHI." The Renaissance Capital Group Funds are publicly held business development companies that provide funding for emerging growth public companies.
 IHI is a company organized to operate and acquire distribution and light manufacturing companies. IHI is continuing to explore the market for potential acquisitions in these industries.
 -0- 10/29/92
 /CONTACT: Robert Cone, CEO of Industrial Holdings, Inc., 713-650-6386/ CO: Industrial Holdings, Inc. ST: Texas IN: SU: TNM


SM -- NY062 -- 6600 10/29/92 12:54 EST
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Publication:PR Newswire
Date:Oct 29, 1992
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