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MYRIAD INDUSTRIES ANNOUNCES RENEGOTIATION OF AGREEMENT WITH CONVERSION INDUSTRIES

 MYRIAD INDUSTRIES ANNOUNCES RENEGOTIATION
 OF AGREEMENT WITH CONVERSION INDUSTRIES
 NATIONAL CITY, Calif., Sept. 21 /PRNewswire/ -- Myriad Industries Inc. (NASDAQ: MRAD) today announced that it has renegotiated the terms of its agreement with Conversion Industries Inc. (AMEX: CVD). Myriad will no longer sell Conversion $2 million worth of a new series of convertible preferred stock through an exchange of conversion shares. The existing convertible promissory note will now be convertible into approximately 20 percent of the common stock of Myriad. Conversion will continue to guarantee a $1 million line of credit for Myriad's benefit, for which Conversion will be paid $5,000 per month and warrants to purchase 125,000 shares of Myriad for $1 per share. Conversion presently owns 5.5 percent of Myriad and has entered into agreements to acquire a further 4.5 percent.
 Myriad plans to apply for listing on a national exchange during 1993, and Conversion will use its best efforts to arrange an underwriting to raise approximately $4 million for Myriad. The timing will be based on prevailing market conditions and Myriad's continued improvement in revenues and earnings.
 Myriad announced that effective Sept. 1, 1992, the board elected the following executive officers:
 -- Prentis Davis -- chairman of the board
 -- Jerome Crawford -- president and chief executive officer
 -- Wendell Stemely -- executive vice president and chief
 operating officer
 Recent Developments
 The company recently entered into a lease with the Port of San Diego covering 2.4 acres of waterfront property. This property is adjacent to the 8.4 acres including the office and workshop facilities the company has leased from Guy F. Atkinson Marine. Together, these facilities will afford the company significant advantages to enhance its operations. The company has made arrangements to install a floating pier in proximity to its waterfront property, and these improvements will expand its ship repair operations.
 Myriad has commenced work on the Point Loma Outfall Extension project as a subcontractor in the design and fabrication of specialized steel. The overall project is a $56 million upgrade of the City of San Diego sewage system, which has been contracted to a joint venture of Morrison Knudsen and Manson Pacific. The initial phase of this major project will result in revenues for Myriad of approximately $2.4 million. It is expected that further phases of the project will result in significant additional revenues for the company.
 Myriad Industries Inc. is engaged in the business of ship repair, primarily for the U.S. Navy, and the design and fabrication of specialized steel for the heavy construction industry.
 -0- 9/21/92
 /CONTACT: Jerome Crawford, president of Myriad Industries, 619-474-4646; or William F. Coffin of The Financial Relations Board, 818-783-2400, for Myriad Industries/
 (MRAD CVD) CO: Myriad Industries Inc.; Conversion Industries Inc. ST: California IN: MAR SU:


BP-LS -- LA006 -- 1628 09/21/92 11:34 EDT
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Publication:PR Newswire
Date:Sep 21, 1992
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