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PHOTOCOMM ANNOUNCES NEW FINANCING/STRATEGIC AGREEMENT

 SCOTTSDALE, Ariz., Nov. 9 /PRNewswire/ -- Photocomm Inc. (NASDAQ: PCOM) announced today that, in cooperation with shareholder Westinghouse Electric, it has concluded a major financing and strategic partnership agreement with The New World Power Corp. (NASDAQ: NWPC), including New World's purchase of a 29 percent equity stake in the company.
 Under terms of the agreement, New World purchased from the company 1.6 million new issue shares for $2.0 million and acquired options to purchase an additional 4.1 million shares through 1996 at a price range of $2.50 to $3.00 per share. New World also purchased 500,000 shares from a private corporate shareholder for $625,000 and acquired an option to purchase an additional 2.0 million shares through 1994 at $2.00 per share.
 A further strategic objective of the agreement gained Westinghouse a minority equity interest in New World. As part of the agreement, Westinghouse converted its holdings of Photocomm Series B Convertible Preferred Stock and a $500,000 Photocomm Subordinated Convertible Debenture into 1.2 million common shares which were exchanged for 200,000 New World shares. Westinghouse will retain 1.8 million Photocomm common shares acquired in 1990, an approximate 15 percent ownership interest.
 New World Power Corp., headquartered in Lime Rock, Conn., is a world leader in the renewable energy power generation industry focusing on wind energy, solar electric power, and hydropower.
 Photocomm is the nation's largest publicly owned solar electric systems manufacturing and marketing company with corporate headquarters in Scottsdale.
 -0- 11/9/93
 /CONTACT: Thomas LaVoy, CFO, 602-948-8003/
 (PCOM NWPC)


CO: Photocomm Inc.; New World Power Corp. ST: Arizona IN: UTI SU:

LS-JB -- LA036 -- 2460 11/09/93 17:10 EST
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Publication:PR Newswire
Date:Nov 9, 1993
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