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QUALITY PRODUCTS, INC. ("QPI") REACHES FINAL SETTLEMENT WITH HUNTINGTON NATIONAL BANK

 QUALITY PRODUCTS, INC. ("QPI") REACHES FINAL SETTLEMENT WITH
 HUNTINGTON NATIONAL BANK
 TAMPA, Fla., April 10 /PRNewswire/ -- Quality Products, Inc. (NASDAQ: QYPI) f/k/a Consolidated American Industries, Inc. today announced that it has reached a full and final settlement with Huntington National Bank of all disputes existing between the two parties. The litigation currently pending in the County Court of Ohio and the Federal Court in Florida shall be concurrently dismissed.
 In exchange for a cash payment of $750,000, Huntington National Bank will surrender to the company all of Huntington's interest in 68,200 shares of Class "B" Preferred Stock convertible to 1,364,000 Common Shares, 3,300,000 Class "A" Preferred Shares, 2,900,000 Series "A" Subordinated Debentures, and a Cognovit Note and Judgement in principal amount of $500,000, held by the bank. The aggregate value of the collateral is estimated by management at just over $8,000,000.
 The specific terms and conditions of the settlement shall be released upon final approval of the settlement by the United States District Court, Middle District of Florida, Tampa Division, and the shareholders of QPI, and other signatories.
 The act of entering into the Settlement Agreement shall not be considered as an admission by either QPI or Huntington National Bank of any liability in connection with the litigation concurrently being dismissed. Huntington National Bank has indicated that its primary reason for entering into the Settlement Agreement was the impairment by others of the value of the collateral Huntington National Bank held.
 The Management of QPI believes that the Settlement, and the surrender of the collateral, will substantially benefit the financial position of the company.
 -0- 4/10/92
 /CONTACT: James S. Renaldo of Quality Products, Inc., 813-963-1300/
 (QYPI) CO: Quality Products, Inc. ST: Florida IN: MNG SU:


LC -- CL009 -- 7281 04/10/92 13:53 EDT
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Publication:PR Newswire
Date:Apr 10, 1992
Words:309
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