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STANDARD BRANDS PAINT COMPANY REPORTS ELECTION OF DIRECTORS AND AGREEMENT WITH UNION

 STANDARD BRANDS PAINT COMPANY REPORTS
 ELECTION OF DIRECTORS AND AGREEMENT WITH UNION
 TORRANCE, Calif., Nov. 22 /PRNewswire/ -- Eric Beck and Richard H. Loeffler were re-elected to the board of directors of Standard Brands Paint Co. (NYSE: SBP) at today's annual meeting of stockholders. In addition, D. Patrick Curran, president and chairman of the board of Cook Companies, a maker of specialty chemicals, was newly elected to fill a vacancy created in September by the resignation of former director Linda Wachner. Stockholders also approved an amendment to the company's Non Qualified Stock Option Plan, adding 250,000 options and underlying shares of common stock.
 Stuart D. Buchalter, chairman of the board of Standard Brands Paint Co., announced at the annual meeting that the company and the United Food and Commercial Workers Union (UFCW) reached a tentative agreement on Nov. 6, 1991, for a successor labor contract covering hourly union employees in California. The previous contract expired Dec. 2, 1990. The new agreement is subject to ratification by the affected employees (approximately 50 percent of the company's California employee group). Each of the 19 UFCW California locals involved are to convene beginning Saturday, Nov. 23, 1991. Details of the new collective bargaining agreement will not be released pending the ratification process.
 Buchalter stated that retail sales for the third quarter ended Oct. 27, 1991, continued to be negatively impacted by adverse economic conditions in California, consumer spending resistance, increased competition, and inventory shortages and continue to trend downwards. However, paint sales, as a product category, increased during the quarter from the comparative quarter of the prior year.
 Buchalter also reported that over the past several months the company has received six proposals with regard to capital investments. Those proposals have been diligently reviewed by the company's board of directors and investment bankers, Allen & Co. and Donaldson, Lufkin & Jenrette and meetings held with each of the proponents. Over the past six weeks, negotiations have progressed with Founders Equity Inc., a New York-based investment group. Founders has proposed making a significant equity investment in the company and has been in negotiations with the company's senior lenders and Security Pacific National Bank for an extension and restructuring of their various debt agreements past the current Dec. 15, 1991 date. The Founders proposal as well as other equity and restructuring proposals will be reviewed by the Standard Brands board of directors at its meeting this afternoon. "There can be no assurance that such outside equity capital investment will be closed on the terms proposed," stated Buchalter. "However, in such event, Standard Brands Paint Co. would continue to pursue other alternatives with its lenders and other creditors including the restructuring of our debt and our core business with or without court supervision."
 Standard Brands Paint Co. is a manufacturer, distributor and retailer of paint. The company operates 136 paint stores serving the do-it-yourself market in the West.
 -0- 11/22/91
 /CONTACT: Craig Walker, VP communications of Standard Brands, 310-214-2411/
 (SBP) CO: Standard Brands Paint Co. ST: California IN: REA SU:


CH-KJ -- LA011 -- 6448 11/22/91 14:12 EST
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Publication:PR Newswire
Date:Nov 22, 1991
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