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KIT ANNOUNCES OUTSIDER STOCK ACQUISITION

 LONG BEACH, Calif., Nov. 8 /PRNewswire/ -- KIT Manufacturing Co. (AMEX: KIT) said that on Nov. 2, 1993, Phoenix Pacific Properties Inc. ("Phoenix") of Phoenix, Ariz., filed a Schedule 13D and issued a press release stating that Phoenix has acquired rights to buy 502,355 Common Shares of KIT (34.1 percent of the total outstanding) for $10.00 per share from several stockholders of KIT, including the Arnold J. Romeyn marital trust which holds 323,855 shares and children of Mr. Romeyn who hold a total of 37,600 shares. Romeyn, now deceased, was one of the founders of KIT.
 Dan Pocapalia, chairman, president, and chief executive officer and the other founder of KIT, owns 506,184 shares (34.4 percent of the total outstanding).
 If Phoenix elects to exercise the option, the deal is to close on Dec. 20, 1993, Phoenix said. Phoenix also said it would buy the shares for investment, to seek board representation and to participate in KIT's future direction, and said that if it exercises the option it may pursue opportunities to buy additional shares, depending on various conditions, including the prospects and profitability of KIT.
 KIT said it had no advance notice of the filing and has had no discussions nor negotiations with Phoenix since the filing.
 -0- 11/8/93
 /CONTACT: Dale J. Gonzalez, senior VP and treasurer, 310-595-7451/
 (KIT)


CO: KIT Manufacturing Co.; Phoenix Pacific Properties Inc. ST: California, Arizona IN: SU: TNM

LM-LS -- LA049 -- 1976 11/08/93 18:52 EST
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Publication:PR Newswire
Date:Nov 8, 1993
Words:250
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