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NEG ANNOUNCES INTENT TO COMMENCE RECAPITALIZATION PLAN

 NEG ANNOUNCES INTENT TO COMMENCE RECAPITALIZATION PLAN
 NEW BRUNSWICK, N.J., April 1 /PRNewswire/ -- National Environmental


Group Inc. (AMEX: NEG) announced today that it intends to commence a racapitalization plan which will include the conversion of its outstanding 14 percent cumulative convertible preferred stock into common stock and significantly reduce the number of its outstanding shares of common stock.
 In addition, the company is negotiating with several of its debtholders, and such negotiations may result in an expansion of the recapitalization plan to include an exchange of their debt securities for shares of common stock.
 The board said it is proposing to take this action to reduce the amount of common stock outstanding. As previously reported, the company expects to have in excess of 100 million shares of common stock on a fully diluted basis at July 1, 1992, if a recapitalization plan is not consummated. In addition, the board said it remains concerned about the company's high debt level and negative equity position.
 The company said it expects to announce a definitive reorganization plan on or about April 30, 1992. The recapitalization plan would be subject to approval by both common and preferred shareholders. The company expects to schedule a meeting of stockholders as soon as practicable thereafter.
 /delval/
 -0- 4/1/92
 /CONTACT: Diane Mack of NEG, 908-247-4822/ CO: National Environmental Group Inc. ST: Pennsylvania IN: SU: RCN


CC-KA -- PH021 -- 3922 04/01/92 13:54 EST
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Publication:PR Newswire
Date:Apr 1, 1992
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