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REEFCO MANUFACTURING CORP. ISSUES CORPORATE UPDATE

 VANCOUVER, British Columbia, March 25 /PRNewswire/ -- Reefco Manufacturing Corp. (Vancouver: RFO) announced that it has terminated its consulting agreement with David A. Dixon dated May 1990 because of the discovery by the company of certain irregularities in Dixon's performance thereunder and related conduct. The company is currently evaluating litigation against Dixon in this regard.
 On Feb. 23, 1993, Reefco Manufacturing Corp. was issued a patent on its technology. The company retains all rights to its technology subject to the May 1990 technology and royalty agreement with Dixon, which remains in force.
 Thomas C. Escher, president, reported that the company has expanded its technical staff to provide additional engineering support and to complete final product testing.
 The Monon-Reefco domestic reefer was first demonstrated at the February 1993 San Diego Refrigerated Transport Show and drew significant attention from both the produce growers and shippers. Units are currently being prepared for C.H. Robinson as well as other prospective customers.
 Two Reefco units will be on display at the 1993 Intermodel Expo in Atlanta, Georgia in April, a Monon-Reefco self powered domestic reefer and a Reefco Marine electric reefer.
 Escher also announced the appointment of Michael D. Naeve as vice president, Finance & Administration, and secretary/treasurer. Naeve, a Stanford master of business administration earned his CPA at Arthur Andersen & Co., in San Francisco, and served as both internal audit director and later assistant treasurer for Crowley Maritime Corp., in the San Francisco Bay Area. He was also chief financial officer of Dial Info, Inc., the predecessor of a company acquired by MCI in 1991. Immediately prior to joining Reefco, Naeve provided financial consulting services to emerging businesses in the San Francisco area.
 -0- 3/25/93
 /CONTACT: David J. Melvin, director of Reefco Manufacturing, 604-669-0320/
 (RFO.)


CO: Reefco Manufacturing Corp. ST: British Columbia IN: SU: PER

KJ-JB -- LA020 -- 9642 03/25/93 14:01 EST
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Publication:PR Newswire
Date:Mar 25, 1993
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