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POLAR MOLECULAR CORP. BRANDS DISSIDENTS' PROXY AS LIBELOUS

 POLAR MOLECULAR CORP. BRANDS DISSIDENTS' PROXY AS LIBELOUS
 SAGINAW, Mich., May 22 /PRNewswire/ -- In response to the release of a Proxy Solicitation Statement dated May 18, 1992, by a group of dissident shareholders calling itself "The Shareholders' Committee to Improve Value and Equity," Polar Molecular (PMC) Founder, President and Chief Executive Officer Mark L. Nelson had the following comments:
 "The Dissidents' Proxy Statement is replete with libelous falsehoods and unsubstantiated allegations by a disgruntled former employee, Karl Keith Moon. It is widely known that Moon is a liar who would not know the truth if it was introduced to him on Main Street in broad daylight."
 "The scandalous proxy statement is a reaction to PMC's pending federal lawsuit in the United States District Court for the Eastern District of Michigan. The suit names Moon and the other signatory to the poisonous statement, Charles Johnston, as defendants and accuses them of participation in a secret group of high profile investors attempting to wrest control of PMC's technology and patents from the present ownership and management."
 "The entire proxy effort is a pathetic tactic to divert attention from a pending FTC investigation initiated by PMC concerning a major competitor and the Moon Group and its accomplices. It is clearly intended to and will disrupt PMC's business, damage its vital corporate relationships, and will destroy rather than boost shareholder value and equity."
 "What is particularly astonishing is that the 'Shareholders' Committee' bases all of its charges on the word of Moon, who was fired from PMC for, among other things, sexually harassing PMC female employees and an outside female vendor."
 "This is fact, supported by affidavits of those individuals attesting to Moon's outrageous, illegal behavior. Is this someone to believe or to even take seriously?"
 "The company will respond in detail to each of the phony charges with appropriate immediate legal action."
 -0- 5/22/90
 /CONTACT: Mark L. Nelson of Polar Molecular Corporation, 517-790-4764/
 (PMCX) CO: Polar Molecular Corporation ST: Michigan IN: SU:


JB -- DE005 -- 3225 05/22/92 10:29 EDT
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Publication:PR Newswire
Date:May 22, 1992
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