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JWP REVISES OFFER FOR REMAINING SHARES OF RESOURCE RECYCLING TECHNOLOGIES; RRT SPECIAL COMMITTEE RECOMMENDS APPROVAL

 JWP REVISES OFFER FOR REMAINING SHARES OF RESOURCE RECYCLING
 TECHNOLOGIES; RRT SPECIAL COMMITTEE RECOMMENDS APPROVAL
 BINGHAMTON, N.Y., May 1 /PRNewswire/ -- The independent special committee appointed by the board of directors of Resource Recycling Technologies, Inc. (AMEX: RRT), to evaluate the March 3, 1992 proposal by JWP Inc. (NYSE: JWP), to acquire the balance of the common stock of RRT not already owned by JWP, announced today that it has received a revised offer from JWP.
 The revised offer is to exchange one-half share of JWP common stock for one share of RRT common stock. The closing price of JWP on April 30, 1992, was $14.875 and the closing price of RRT on April 30, 1992 was $5.375. The original proposal was to exchange one share of JWP common stock for three shares of RRT common stock.
 Prior to receiving the revised offer, the committee had retained the services of Bear, Stearns & Co., on April 2, 1992, to evaluate the offer of JWP, and, if requested, render its opinion as to the fairness of the transaction to the shareholders or RRT, other than JWP.
 The committee will recommend approval of the revised offer by the RRT board, subject to a definitive merger agreement and the delivery of the fairness opinion form Bear, Stearns. The committee has requested that the board meeting be held as soon as practical.
 -0- 5/1/92
 /CONTACT: Lawrence J. Schorr of Resource Recycling Technologies, 607-798-7137/
 (RRT JWP) CO: Resource Recycling Technologies, Inc.; JWP Inc. ST: New York IN: SU: OFR


TQ-TS -- NY022 -- 5363 05/01/92 10:03 EDT
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Publication:PR Newswire
Date:May 1, 1992
Words:266
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