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INDUSTRIAL HOLDINGS SIGNS LETTER OF INTENT WITH LANDRETH ENGINEERING

 INDUSTRIAL HOLDINGS SIGNS LETTER OF INTENT WITH LANDRETH ENGINEERING
 HOUSTON, July 9 /PRNewswire/ -- Industrial Holdings, Inc. (NASDAQ-NMS: IHII) today announced the signing of a letter of intent with Landreth Engineering Company, Houston, to acquire 100 percent of Landreth's common stock.
 Landreth, founded in 1963, produces semi-tubular rivets for the home, office and outdoor furniture industry. Landreth affords Industrial Holdings the opportunity to diversify from its primary industry, the petrochemical-petroleum refining industry.
 Landreth's 1991 revenues of $8,300,000 will increase Industrial Holdings annualized revenues 42 percent to approximately $30 million. Landreth's first six months 1992 revenues are $5,003,000. Landreth's 1991 operating profit, exclusive of excessive owners' compensation, was approximately $730,000. Landreth's revenues and operating profits enhance managements' goals for continued growth of revenues and operating profits.
 Industrial Holdings has accepted a loan proposal from IBJ Schroder, New York to provide acquisition financing, subject to their due diligence and final approval. Management anticipates an August 1992 closing.
 Industrial Holdings is a holding company organized to operate and acquire distribution and light-niche manufacturing companies.
 -0- 7/9/92
 /CONTACT: Robert E. Cone, president and CEO of Industrial Holdings, 713-650-6386/
 (IHII) CO: Industrial Holdings Inc.; Landreth Engineering Co. Inc. ST: Texas IN: SU: TNM


TS -- NY014 -- 7742 07/09/92 09:25 EDT
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Publication:PR Newswire
Date:Jul 9, 1992
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