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RESOURCE RECYCLING TECHNOLOGIES BOARD APPROVES JWP OFFER FOR REMAINING SHARES

 RESOURCE RECYCLING TECHNOLOGIES BOARD APPROVES
 JWP OFFER FOR REMAINING SHARES
 BINGHAMTON, N.Y., May 14 /PRNewswire/ -- Resource Recycling Technologies, Inc. (AMEX: RRT) announced today that its board of directors, upon the recommendation of its independent special committee, voted to approve the offer made by JWP Inc. (NYSE: JWP) to acquire all outstanding shares of RRT not already owned by it, pursuant to a tax- free merger.
 The transaction is subject to the signing of a definitive merger agreement which will include customary conditions and approvals, including the approval of RRT's stockholders.
 In the transaction each share of RRT common stock (not owned by JWP) will be exchanged for one-half of a share of newly issued JWP common stock. The ratio is subject to adjustment if the trading price for JWP common stock is below $13.75 or above $16.25 for a specified period of time prior to the merger, so that the consideration for each RRT share of common stock will not be less than $6.875 of value in JWP common stock or greater than $8.125 of value in JWP common stock. In addition, in the event of certain declines in the market value of a share of JWP common stock below $12, JWP will have the right to terminate the merger, and in the event of certain increases in the market value of a share of JWP common stock above $18, RRT will have the right to terminate the merger.
 Bear, Stearns & Co., Inc., the financial advisor retained by the committee, has indicated that it believes the offer is fair to the stockholders of RRT (other than JWP, as to which it expresses no opinion) and has indicated its willingness to tender a written fairness opinion.
 RRT is a vertically integrated organization dedicated to the advancement of recycling programs and technologies, and the development of new markets for secondary materials. For the year ended Dec. 31, 1991, RRT's revenues were $46,299,000.
 JWP is a multinational technical services company providing customers with diversified facility and information solutions through the innovative integration of services and technology. JWP provides a complete range of consulting, systems engineering and distribution, construction, installation, maintenance and related services to virtually all industries and governmental entities. JWP has approximately 220 offices and 22,000 employees worldwide, with revenues of $3.6 billion for the year ended Dec. 31, 1991.
 The JWP common stock that would be issued in the merger will be offered only by means of a prospectus included as part of a registration statement which is to be filed with the Securities and Exchange Commission.
 -0- 5/14/92
 /CONTACT: Lawrence J. Schorr of Resource Recycling Technologies, 607-798-7137/
 (RRT JWP) CO: Resource Recycling Technologies Inc.; JWP Inc. ST: New York IN: SU: TNM


KD-CK -- NY047 -- 0156 05/14/92 11:05 EDT
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Publication:PR Newswire
Date:May 14, 1992
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