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LOGOS INTERNATIONAL INC. AGREES TO ACQUIRE INTEREST IN TRANSCISCO INDUSTRIES

 SALT LAKE CITY, April 5 /PRNewswire/ -- Logos International Inc. (OTC: LOGO) announced today that it has entered into a private agreement to purchase approximately 37.5 percent of Transcisco Industries Inc. (AMEX: TNIA, TNIB) from Transcisco's majority shareholder. Completion of this acquisition, which is scheduled to close on or before May 31, 1993, will make Logos the single largest shareholder of Transcisco.
 Transcisco announced last month that an agreement in principle had been reached with its major creditors to resolve its bankruptcy proceedings. Under the agreement, Transcisco will exchange its 3,367,367 shares of PLM International stock and its $5 million note receivable from PLM International for $16.3 million of its outstanding bonds, and will receive from the former bondholders, the right to share in 40 percent of the principal and interest realized from the $5 million note.
 The agreement with Transcisco's creditors also calls for the company to pay off all of its remaining pre-petition obligations to banks and others over a period of five to 10 years. Over the next few weeks, Transcisco expects to reach a definitive agreement with its creditors to develop a mutually acceptable plan for generating sufficient free cash flow to satisfy these obligations in an orderly and expedited fashion. In addition, as part of the agreement, all of the company's common stock will be converted to a single class of voting stock.
 All of the agreements for resolving Transcisco's bankruptcy are subject to completion of the attendant disclosure statement and formal approval of the final plan of reorganization, a process which is expected to require 60 to 90 days.
 Transcisco operates railcar maintenance and retrofitting operations through its subsidiary, Transcisco Rail Services, and it leases railcars through its subsidiary, Transcisco Leasing Co. Through a separate subsidiary, Transcisco Trading Co., Transcisco also owns 20 percent of SOVFINAMTRANS, a Russian railcar leasing company that operates tank cars with Transcisco's proprietary Uni- Temp heating system. SOVFINAMTRANS is the first and only railcar leasing company in the former Soviet Union. Uni-Temp is a patented technology which allows more rapid and uniform heating of tank cars.
 Transcisco's reported revenues are in excess of $21,000,000, for the nine months ended Sept. 30, 1992. The company's financial forecasts under its proposed Chapter 11 plan of reorganization, project revenues for fiscal 1992 between approximately $32,200,000 and $32,300,000 and EBIT between approximately $1,600,000 and $1,800,000. Fiscal 1993 projections indicate revenues of approximately $33,400,000 to $34,400,000 and EBIT of approximately $2,600,000 to $3,200,000.
 Logos operates as a business development company and actively seeks out firms in high-quality, high-potential industries which are operating below their potential because of financial, management or marketing problems. Upon completion of the acquisition, Logos will actively participate with the current management of Transcisco in an effort to improve its operations, operating as the parent company and providing business management services, and future financing to the company. Logos has an application to NASDAQ pending.
 -0- 4/5/93
 /CONTACT: Chad Burnett, president, or Richard Surber, vice president, or Ramon Smullin, secretary, or Kelly Brady, CFO, 801-575-8311, all of Logos/
 (LOGO TNIA TNIB)


CO: Logos International Inc.; Transcisco Industries Inc. ST: Utah IN: SU: TNM

KJ-LS -- LA027 -- 3128 04/05/93 15:06 EDT
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Publication:PR Newswire
Date:Apr 5, 1993
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