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SUN COAST PLASTICS ANNOUNCES WARRANT EXERCISE AND NEW STOCKHOLDER

 SUN COAST PLASTICS ANNOUNCES WARRANT EXERCISE AND NEW STOCKHOLDER
 DALLAS, June 30 /PRNewswire/ -- Sun Coast Plastics, Inc., (NASDAQ: SUNI) announced that James M. Hoak Jr. has exercised the company's "A" warrants to purchase 470,600 shares of new Common Stock for $2,000,050. Hoak is chairman of Cypress Capital Corporation, a private investment firm based in Dallas. In a separate transaction Hoak had previously purchased 325,000 shares of the company's outstanding common stock and the company's "A" warrants to purchase 470,600 shares of Common Stock from a major shareholder. Related to these transactions, Louis Lebowitz resigned from the board of directors of the company. Stephen P. Smiley, president of Cypress Capital Corporation, has been named to the company's board of directors.
 Following these transactions, Hoak owns 795,000 shares of Common Stock of the company or 20.1 percent of the 3,951,609 shares now outstanding. Hoak acquired his position at an average price of $5.50 per share. Hoak stated that he "intends to hold the company shares for investment."
 Sun Coast announced its intention to apply the proceeds to capital projects in progress to supply closures to the rapidly growing "Hot Fill" beverage market, to reduce outstanding debt and to general corporate needs.
 In regards to the purchase, Smiley stated, "We are very enthusiastic about our investment in Sun Coast. The company has many exciting opportunities before it and we look forward to working with its management in building Sun Coast."
 Jon M. Reynolds, chairman of Sun Coast, remarked that "Everyone at Sun Coast welcomes our new investor and the experience and knowledge they will add to the direction of the company. We think this is a very positive development for Sun Coast."
 Hoak co-founded Heritage Communications, Inc. in 1971 which grew to be one of the largest cable television station operations in the United States. Heritage was sold in 1987 for $1.6 billion. As a part of that sale, Hoak became chairman of a new company, Heritage Media Corporation, in Dallas, which owns and operates the television and radio stations of Heritage and also is the largest in-store marketing company in the country. Hoak also serves as chairman of Crown Media, Inc. a new company formed with Hallmark Cards to buy and operate cable television properties. Crown currently serves over 700,000 subscribers. In addition, Hoak is chairman of Cypress Capital Corporation.
 Hoak is a governor of the American Stock Exchange and a director of three public companies: Airgas, Inc.; Midwest Resources Inc. and Pier 1 Imports, Inc.
 Sun Coast Plastics, Inc. is a diversified Dallas based company which manufactures plastic closures used to seal and package food, beverage, household, pharmaceutical, automotive and industrial products. Sun Coast is also a leading manufacturer of break resistant tableware and drinkware sold to the food service industry and consumers and is a leading manufacturer of specialty melamine and urea resins and molding compounds used by major manufacturers of laminated building materials and electric wiring devices.
 -0- 6/30/92
 /CONTACT: Jon Reynolds, 214-373-SUNI, or Tom King, 813-355-7166, both of Sun Coast Plastics/
 (SUNI) CO: Sun Coast Plastics, Inc. ST: Texas IN: SU: PER


SH -- NY050 -- 5140 06/30/92 11:22 EDT
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Publication:PR Newswire
Date:Jun 30, 1992
Words:537
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