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PURE TECH INTERNATIONAL, INC., AND MARTIN COLOR-FI, INC., TERMINATE MERGER NEGOTIATIONS

 SOMERSET, N.J., and EDGEFIELD, S.C., Oct. 29 /PRNewswire/ -- Pure Tech International, Inc. (NASDAQ-NMS: PURT; BOS: PUR) and Martin Color-Fi, Inc. (NASDAQ-NMS: MRCF), today jointly announced that they have suspended further negotiation towards reaching a definitive agreement to merge the two companies.
 Speaking on behalf of Pure Tech, David Katz, president of the company said, "The two companies were unable to agree upon final terms of the merger. Our respective boards of directors agreed that it would be in the best interest of both companies to continue as separate entities. Pure Tech is a major supplier of PET to Martin, while Martin is and will remain one of Pure Tech's largest and most valued customers."
 Mr. Katz continued, "Pure Tech remains aggressive in its commitment to accelerated growth in order to maximize shareholder value and will continue to explore other suitable acquisition candidates as opportunities present themselves."
 Martin Color-Fi, Inc., produces fiber and pellets from recycled plastic materials such as soft drink bottles, polyester fiber waste and film waste. Martin uses these low cost waste materials to produce polyester fibers of varying sizes and pelletized plastics for a wide range of markets, including automotive fabrics, carpets, home furnishings, industrial materials and construction reinforcement materials.
 Pure Tech International, Inc., is engaged in the recycling of post-consumer containers made of aluminum, glass, steel and plastic and in plastic injection molding, Pure Tech operates facilities in Connecticut, Massachusetts, Michigan, New Jersey, New York and North Carolina.
 -0- 10/29/93
 /CONTACT: Louis T. Haggis, Paul Litwinczuk or David C. Katz of Pure Tech International, Inc., 908-302-1000; or Reve M. Richardson of Martin Color-Fi, Inc., 803-637-7000/
 (PURI MRCF)


CO: Pure Tech International, Inc.; Martin Color-Fi, Inc. ST: New Jersey, South Carolina IN: ENV SU: TNM

PS-TW -- NY021 -- 8401 10/29/93 10:04 EDT
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Publication:PR Newswire
Date:Oct 29, 1993
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