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MAGNETECH CORPORATION ANNOUNCES NEW BANKING RELATIONSHIP

 FORT LAUDERDALE, Fla., Nov. 4 /PRNewswire/ -- MagneTech Corporation (NASDAQ: TAPE) announced today it had, along with it's parent company, S.O.I. Industries, Inc. (NASDAQ: LAMP) entered into an agreement with the National Bank of Detroit (NBD) calling for a new line of credit of approximately $9.5 million which represents an increase of approximately $3.0 million over its previous credit lines.
 Don Courtney, CEO, said, "This new credit facility is further evidence of our financial strength and our bank's confidence in our financial performance and stability. The additional credit availability will enable us to continue to dynamic growth curve we have established over the past several years."
 MagneTech recently reported first quarter revenues of $6.7 million vs. $2.9 million in the previous year and net earnings of 7 cents vs. 2 cents.
 -0- 11/4/93
 /CONTACT: Don Courtney of MagneTech, 305-835-2214/
 (TAPE LAMP)


CO: MagneTech Corporation ST: Florida IN: SU:

RK-JB -- FL007 -- 0561 11/04/93 09:25 EST
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Publication:PR Newswire
Date:Nov 4, 1993
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