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NOEL GROUP SETS DISTRIBUTION DATES, RATIOS FOR GLOBAL, VISX AND GARNET SHARES

 NOEL GROUP SETS DISTRIBUTION DATES,
 RATIOS FOR GLOBAL, VISX AND GARNET SHARES
 NEW YORK, Aug. 14 /PRNewswire/ -- Noel Group, Inc. (NASDAQ: NOEL) today announced the schedule and ratios for the previously-announced distribution of shares owned by Noel in Global Natural Resources Inc. (NYSE: GNR), Garnet Resources Corporation (NASDAQ: GARN) and VISX, Incorporated (AMEX: VSX) to Noel shareholders.
 Noel set Aug. 24 as the record date for a Sept. 21 distribution of the securities. The ex-dividend date is expected to be Sept. 22.
 The company will distribute its holdings in the following manner: Global Natural Resources, 5,191,504 shares in a ratio of .257104 shares of Global for each Noel share outstanding; VISX, 1,377,959 shares in a ratio of .068242 per Noel share; and Garnet, 1,187,788, in a ratio of .058824 per Noel share.
 The tax treatment of the distributed securities will relate to future market values and will be discussed in an information statement to be issued subsequent to the distributions.
 Noel said that it is making the distributions to put maximum value into the hands of its shareholders on a timely basis. The company believes that present market conditions and the growth potential of the three companies offer opportunity for Noel shareholders to realize directly the value of future appreciation of the stocks. Noel's management plans to remain closely involved with the three companies, serving on the boards of directors of Global and VISX and continuing its long-standing relationship with the top management of Garnet.
 Noel currently holds 5,926,700 shares of Global common stock or approximately 25 percent of that company's issued and outstanding common. The Noel block of 1,573,100 shares of VISX amounts to 17 percent of the VISX stock outstanding and its holding of 1,356,000 shares of Garnet common stock constitutes approximately 12 percent of Garnet's outstanding capitalization. Noel currently has 20,192,233 common shares outstanding.
 Holders of options to purchase Noel's common stock will be entitled to receive Global, VISX and Garnet shares in the same ratio as the distribution upon execution of their options. Noel is retaining shares of the three companies for that purpose and other contingencies that may arise.
 Noel, which conducts its operations tough small and medium-sized operating companies, raised $110 million in its initial public offering in January and has announced two acquisition agreements this month: a tentative agreement to purchase a controlling interest in Curtis Industries, Inc., a $90 million distributor of fasteners, tools and automotive replacement parts; and an agreement for a Noel subsidiary to purchase certain assets of the Lincoln Snack Consumer Company division of Sandoz Nutrition Corporation. Lincoln Snack, which had sales of about $30 million in 1991, is a leading manufacturer and marketer of pre-popped candied popcorn in the United States and Canada under the brand names of Poppycock, Fiddle-Faddle and Screaming Yellow Zonkers.
 In addition to the three companies whose stock will be distributed, Noel's principal holdings are Sylvan Foods Holdings, Inc. (NASDAQ: SYLN), Health Management International, Inc. (NASDAQ: HMII) and a wholly owned subsidiary, Simmons Outdoor Corporation.
 -0- 8/14/92
 /CONTACT: Donald R. Dwight of Noel Group, 203-661-8480/
 (NOEL) CO: Noel Group, Inc. ST: New York IN: SU: DIV


LD-PS -- NY078 -- 0240 08/14/92 17:43 EDT
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Publication:PR Newswire
Date:Aug 14, 1992
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