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MATTHEWS PROPOSES TO ACQUIRE KEYLITE PRODUCTION SERVICES AND ITS AFFILIATES

 BURBANK, Calif., March 8 /PRNewswire/ -- Burbank-based Matthews Studio Equipment Group (NASDAQ: MATT) announced the signing of a non- binding letter of intent to acquire Keylite Production Services Inc., and its affiliates for Hollywood Rental Co. Inc., its rental subsidiary. Keylite is one of Hollywood Rental Co.'s largest competitors.
 All of the outstanding stock of Keylite Production Services Inc. and its affiliates will be exchanged for 1,400,000 restricted shares of Matthews Studio Equipment Group common stock. The transaction will require the execution of a definitive agreement and the satisfaction of customary closing conditions.
 Douglas J. Pantek, president of Hollywood Rental Co. Inc., and Edward D. Carlin, chief executive officer of Keylite Production Services Inc., issued this joint statement: "The combination of our companies will provide economies of scale that will increase our ability to continue to provide quality services to the entertainment production industry."
 Matthews Studio Equipment Group designs, manufactures, sells and rents grip, camera and lighting support equipment for the film, television, commercial photography and theatrical production industries worldwide. In addition the company designs, manufactures and rents its proprietary electromechanical Cam-Remote(R) Systems.
 -0- 3/8/93
 /CONTACT: Gregory Moiseeff or Neil Kaplan of Mathews Studio Equipment Group, 818-843-6715/
 (MATT)


CO: Matthews Studio Equipment Group; Keylite Production
 Services Inc.; Hollywood Rental Co. ST: California IN: ENT SU: TNM


JL-KJ -- LA001 -- 3810 03/08/93 08:31 EST
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Publication:PR Newswire
Date:Mar 8, 1993
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