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POLYPHASE CORPORATION ANNOUNCES ACQUISITION AGREEMENT

 DALLAS, June 16 /PRNewswire/ -- Polyphase Corporation (AMEX: PLY) today announced that it has reached an agreement in principle to acquire all the outstanding stock of an equipment distribution/financing corporation for total consideration of approximately $12,500,000 in cash and stock. The company to be acquired reported sales for its year ended March 31, 1993 of approximately $23 million, with pre-tax profits of $3.4 million and a net worth in excess of $9 million. The transaction is subject to the signing of a definitive agreement and the approval of the stockholders of Polyphase.
 The company also announced that it is currently in negotiations, and expects to finalize definitive agreements, to acquire controlling interest in three additional companies. These companies reported combined revenues of approximately $14 million for their fiscal years ended in 1992.
 These transactions will be presented for approval at a stockholders' meeting planned for July.
 -0- 6/16/93
 /CONTACT: James Rudis of Polyphase Corporation, 214-490-4214/
 (PLY)


CO: Polyphase Corporation ST: Texas IN: CPR SU: TNM

SM-OS -- NY028 -- 2550 06/16/93 10:58 EDT
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Publication:PR Newswire
Date:Jun 16, 1993
Words:179
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