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KLEER-VU INDUSTRIES CHAIRMAN AND CHIEF EXECUTIVE OFFICER ANNOUNCES EARLY RETIREMENT

 COMPTON, Calif., Sept. 30 /PRNewswire/ -- Kleer-Vu Industries Inc. (KVI) announced today that Daniel Dror, its chairman and chief executive officer, has decided to resign as chairman and chief executive of KVI in order to pursue other interests. Dror will be replaced as chairman and chief executive by H.P. Park, a substantial stockholder of KVI and founder of PAS Industries Inc., which was recently combined with KVI in May of this year.
 Dror stated, "While KVI has been a large and important part of my life during the past 11 years, I feel it is time to move on. With the arrival and active involvement of H.P. Park in the company's operations during the past several months, I have witnessed first-hand his capabilities and am confident that under his experienced leadership the company will continue to flourish."
 Park, the newly elected chief executive of KVI, stated, "Daniel Dror has been a valuable asset to the company during its growth years and with the combination of PAS and KVI under his visionary inspiration, the company has become one of the leading manufacturers of photographic albums. While Mr. Dror will be leaving responsibility for the day-to- day operations in my hands, we expect to continue to utilize Mr. Dror's expertise frequently as he has agreed to remain available as a consultant to the corporation."
 In connection with the management transition, Elk International Corp. Ltd. (owned by Dror's brother) has agreed to sell to Park and an investor, Hardee Capital Partners L.P., an aggregate of 450,000 KVI shares for an aggregate consideration of $6,500,000, payable in cash and notes. As a result of the sale and related transactions, Dror and his affiliates will own less than 35,000 KVI common shares, although a Dror affiliate will have the right to receive an additional 50,000 shares during the next three years as partial consideration for providing consulting services to the company. As a result of these transactions, Park will own approximately 33.6 percent of the company on a fully diluted basis.
 -0- 9/30/93
 /CONTACT: Barry Reifler, 310-603-9330/


CO: Kleer-Vu Industries Inc. ST: California IN: SU: PER

LS-MF -- LA013 -- 7073 09/30/93 07:30 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
Words:370
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