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MAIL BOXES COAST TO COAST INC. AND GRA INVESTMENTS INC. ENTER INTO AGREEMENT

 MAIL BOXES COAST TO COAST INC.
 AND GRA INVESTMENTS INC. ENTER INTO AGREEMENT
 LOS ANGELES, March 26 /PRNewswire/ -- Mail Boxes Coast to Coast Inc. (MBCC) (NASDAQ: MBCC) has announced that it has entered into an agreement with GRA Investments Inc. ("GRA"), pursuant to which MBCC will issue to GRA 2,900,000 newly issued shares of its common stock and 254,300 newly issued shares of the Series A $3.50 convertible preferred stock of its wholly owned subsidiary, Daily Mail Inc. (convertible into 5,100,000 shares of MBCC common stock), in exchange for 350,000 shares of the common stock of North American Environmental Group Inc., a publicly traded company (NASDAQ: NAME), engaged in the environmental services industry. North American utilizes its proprietary bioremediation and enzyme technologies for the clean-up of hydrocarbon contaminated soils.
 Pursuant to the agreement, a designee of GRA has been appointed to the board of directors of MBCC and intends to submit to MBCC management proposals to restructure and/or recapitalize the business of MBCC. Toward that end, the company has entered into negotiations with present management of MBCC regarding the possible sale of the Los Angeles-area franchise.
 -0- 3/26/92
 /CONTACT: Gary M. Williams, president of Mail Boxes Coast to Coast, 818-956-5400/
 (MBCC NAME) CO: Mail Boxes Coast to Coast; GRA Investments Inc.; North American
 Environmental Group Inc. ST: California IN: SU:


EH-DM -- LA010 -- 1821 03/26/92 09:03 EST
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Publication:PR Newswire
Date:Mar 26, 1992
Words:239
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