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THE CANTON INDUSTRIAL CORP. PURCHASES INSURANCE DEBENTURES

 SALT LAKE CITY, June 9 /PRNewswire/ -- The Canton Industrial Corp., a company listed on the Boston Stock Exchange with the trading symbol CNI, announced today that it entered into a purchase agreement on May 30, 1993, with International Casualty & Surety Co. Ltd., a New Zealand company. Pursuant to this agreement, Canton has received debentures from Impact Investments Inc. totaling $1,000,000 in exchange for its shares. The proceeds from these debentures are payable to Canton in three years with an annual interest rate of 6 percent payable in monthly installments. The first payment of $5,000 has been received.
 In a similar transaction, Canton entered into an agreement with a Bolivian company, on May 30, 1993, to acquire Impact Investments Inc. debentures totaling $1,250,000. These debentures are payable to Canton in three years with an annual interest of 6 percent payable in monthly installments. The first payment of $6,250 has also been received.
 These additional funds are planned to be used to expedite the expansion of Canton's tire recycling operations. Currently, Canton has operations at its 1.3-million-square-foot plant located in Canton, Ill. Canton plans to expand its operations to include 10 tire recycling facilities throughout the United States.
 -0- 6/9/93
 /CONTACT: Ramon Smullin, president, or Alan Hansen, VP, or Brad Merrill, CFO, of Canton Industrial, 801-575-8311/


CO: The Canton Industrial Corp. ST: Utah IN: ENV SU:

EH-MF -- LA023 -- 0308 06/09/93 17:03 EST
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Publication:PR Newswire
Date:Jun 9, 1993
Words:242
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