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METALLURGICAL INDUSTRIES MODIFIES LEASE AGREEMENT

 TINTON FALLS, N.J., Nov. 9 /PRNewswire/ -- Metallurgical Industries, Inc. (NASDAQ: MTALA), said today that it signed a Lease Modification Agreement with its landlord, Mid-Monmouth Realty Associates, L.P., Roseland, N.J., providing for a 44 percent reduction in future rental payments on its Tinton Falls, plant and executive offices under an existing long-term lease.
 The company further said it plans to relocate its operations elsewhere in Monmouth County, N.J., no later than March 31, 1994.
 Metallurgical noted that it was substantially in arrears in its rental payments, which earlier had caused the landlord to institute legal action. The Lease Modification Agreement halts those proceedings, but does not affect the arrearages or the terms of the original lease.
 The company's announcement to close its facility has triggered review of the site under the New Jersey Industrial Site Recovery Act ("ISRA"). Under the Modified Lease, the landlord has agreed to perform and pay for required environmental remediation, if any, and the company has agreed to reimburse the landlord for any incurred costs.
 The Modified Lease Agreement is secured by a subordinated security position in all of the company's assets behind its primary lender and other secured or priority creditors. The rent arrearages, however, remain unsecured.
 As previously announced, the company is proceeding with the proposed exchange of its stock into that of Logos International, Inc., a company associated with Canton Industrial Corporation, Salt Lake City. A proxy has been prepared and submitted to the SEC for review. The company anticipates an affirmative vote by the shareholders and the completion of the transaction by the end of the year.
 -0- 11/9/93
 /CONTACT: Richard T. Johnson of Metallurgical Industries, 908-542-5800/
 (MTALA)


CO: Metallurgical Industries, Inc.; Mid-Monmouth Realty Associates ST: New Jersey IN: SU:

WB-TW -- NY105 -- 2382 11/09/93 15:37 EST
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Publication:PR Newswire
Date:Nov 9, 1993
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