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POLYPHASE ANNOUNCES SALE OF SUBSIDIARY TO INVESTOR GROUP

 FORT WASHINGTON, Pa., April 6 /PRNewswire/ -- Polyphase Corporation (AMEX: PLY) today announced the sale of its subsidiary, Polyphase Instruments Company to a group of investors led by the subsidiary's president, Paul Stevens.
 Polyphase Instruments Company is a supplier of electronic equipment to the defense industry. For accounting purposes, the effective date of the transaction was Jan. 1, 1993. The subsidiary was sold for $3,370,000. The net book value of Polyphase Instrument Corporation at Dec. 31, 1992 was $2,870,050. The sale is subject to conditions normally contained in transactions of this type, such as shareholders approval and the receipt of a fairness opinion.
 In announcing the transaction, a spokesperson stated that the sale of the subsidiary, which had significant operating losses in 1992 and in prior years, is part of the company's plan to reduce its reliance on the defense industry and to utilize its resources to expand its commercial electronics subsidiary, Letronics Inc. The company is also actively pursuing possible acquisitions which would enhance shareholder values.
 -0- 4/6/93
 /CONTACT: Paul Tanner of Polyphase Corporation, 214-490-4214/
 (PLY)


CO: Polyphase Corporation ST: Pennsylvania IN: SU: TNM

TS-WB -- NY024 -- 3370 04/06/93 10:31 EDT
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Publication:PR Newswire
Date:Apr 6, 1993
Words:199
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/FROM PR NEWSWIRE DALLAS 888-776-3971/ TO BUSINESS EDITOR:.
Polyphase Announces Proposed Sale of Subsidiary.

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