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S.O.I. INDUSTRIES SIGNS LETTER OF INTENT TO ACQUIRE AMERICAN CABINET

 HIALEAH, Fla., Nov. 22 /PRNewswire/ -- S.O.I. Industries, Inc. (AMEX: S0I), today announced that it has signed a letter of intent to acquire American Cabinet, Inc., of Conway, Ark., in an all-stock transaction.
 American Cabinet, with current gross sales of approximately $20 million, is one of the largest manufacturers of unfinished kitchen cabinets and bathroom vanities in the United States. American Cabinet's customers include major home centers such as Home Depot, Payless Cashways, Grossman's and buying co-ops such as H.W.I. and Cotter.
 Based upon both companies' most recent year end financial statements, the proposed acquisition will have a positive impact on per share earnings.
 S.O.I.'s management is confident that the addition of American Cabinet will greatly strengthen the home furnishing segment of the Company's business, which is consistent with management's strategy of acquiring companies that are strategically positioned to enhance shareholder values.
 S.O.I. Industries is a multifaceted holding company with lighting and video production facilities located in Florida, Indiana and Texas.
 The consummation of the transaction contemplated by the letter of intent is subject to the customary conditions for similar type transactions, including board approval and execution of a definitive agreement.
 -0- 11/22/93
 /CONTACT: Kevin Halter or Tim Halter, 214-248-1922/
 (SOI)


CO: S.O.I. Industries, Inc.; American Cabinet, Inc. ST: Florida, Arkansas IN: HOU SU: TNM

GK-SH -- NY014 -- 6677 11/22/93 08:38 EST
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Publication:PR Newswire
Date:Nov 22, 1993
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