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POLYPHASE CORPORATION ELECTS TANNER AND RUDIS TO BOARD OF DIRECTORS

 FORT WASHINGTON, Pa., Feb. 1 /PRNewswire/ -- Polyphase Corporation (AMEX: PLY) has announced that Paul Tanner and James Rudis have been elected to the board of directors and that Kent Klineman, Joseph Porfeli and Robert H. Steltjes have resigned from the board in a restructuring of the board for the purpose of facilitating the expansion of commercial operations and the diversification of the company business.
 Paul Stevens resigned his positions as president and chief executive officer of the company but remains a director and retains his positions as president and chief executive officer of Polyphase Instrument Corporation, a wholly owned subsidiary.
 Stevens resigned in order to pursue negotiations between himself and the company to purchase the military manufacturing portion of the company. A Letter of Intent is expected to be signed shortly and the proposed sale will be presented to the shareholders for approval. Tanner was named as president and chief executive officer of the company. The company announced that it is negotiating an acquisition that will expand its commercial operations and that a sale of $1 million of the company's Class C Convertible Preferred Stock is expected to be closed during February. A previously announced agreement to sell $10 million of the Convertible Preferred Stock of the company will be presented at the next shareholders' meeting for approval.
 Polyphase is a holding company whose operations consist of the manufacturing and sale of custom designed transformers, inductors and filters and the distribution of electronic parts and software.
 -0- 2/1/93
 /CONTACT: Keith Harper of Polyphase Corporation, 215-643-6950/


CO: Polyphase Corporation ST: Pennsylvania IN: CPR SU: PER

MJ-CC -- PH035 -- 1498 02/01/93 15:31 EST
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Publication:PR Newswire
Date:Feb 1, 1993
Words:275
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