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MAGNETECH CORPORATION SELLS VIDEO PLUS SUBSIDIARY

 FORT LAUDERDALE, Fla., Dec. 13 /PRNewswire/ -- MagneTech Corp. (NASDAQ: TAPE) announced it had sold its Video Plus, Inc. subsidiary in an all cash transaction. The company said it received approximately $2.9 million in cash which included certain inter-company obligations. MagneTech said Video Plus, which is a video production company, represented a potential conflict of interest with some of its key duplication customers and the company directors felt shareholder interest would be better served concentrating on its core video duplication business. The company also said it was in discussion with two possible acquisition candidates in the video duplication field.
 -0- 12/13/93
 /CONTACT: Don Courtney of MagneTech, 305-835-2214/
 (TAPE)


CO: MagneTech Corporation; Video Plus, Inc. ST: Florida IN: SU:

JB-SS -- FL007 -- 3229 12/13/93 14:11 EST
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Publication:PR Newswire
Date:Dec 13, 1993
Words:129
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