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ROBESON INDUSTRIES CORP. RECEIVES ADDITIONAL FUNDING

 SOUTH PLAINFIELD, N.J., Jan. 10 /PRNewswire/ -- Robeson Industries, Corp. (OTC: RBSN) announced that it has entered into a Plan Funding and Management ("Agreement") with Dobbin Lo, Chairman of Craft America, Inc., owner of Zaks Stores, a Florida-based chain of craft stores. Mr. Lo is also President and owner of American Floral Imports Inc., an importer of silk flowers distributed throughout the United States to mass merchants, department stores, and catalog showrooms.
 The Agreement, which has been approved by the United States Bankruptcy Court overseeing Robeson's Chapter 11 proceeding, allows Robeson to borrow up to $300,000 on a secured basis from Mr. Lo during the period of reorganization. It also requires that Robeson file a Plan of Reorganization and Disclosure Statement by Jan. 31, 1994, ("Plan") which will, subject to approval by the Bankruptcy Court, provide for, among other things, the cancellation of all existing stock of Robeson.
 Pursuant to the Agreement it is likely present equity holders will be substantially diluted or will not receive a distribution of any of the new stock of Robeson.
 Mr. Lo said, "New funds will allow Robeson to develop new products for 1994 and beyond. The business Plan is to develop an `in stock' program to better serve customers, with a warehouse on the East Coast and one on the West Coast utilizing Mr. Lo's existing West Coast facilities."
 Robeson in a manufacturer and marketer of household appliances and seasonal products such as fans and heaters. In 1993 Robeson has introduced a complete line of rechargeable vacuum cleaners for use in home and automobiles. Robeson has also introduced a permanent goldtone coffee filter for electric coffee makers used in the home.
 -0- 1/10/94
 /CONTACT: John Raab, president of Robeson Industries Corp., 908-756-2001; or Stan Froelich of Cameron Associates, 212-644-9560/
 (RBSN)


CO: Robeson Industries Corp. ST: New Jersey IN: HOU SU:

TW-WB -- NY083 -- 0643 01/10/94 15:05 EST
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Publication:PR Newswire
Date:Jan 10, 1994
Words:319
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