THE CANTON INDUSTRIAL CORPORATION AGREES TO ACQUIRE METALLURGICAL INDUSTRIES, INC.
SALT LAKE CITY, Utah, Aug. 30 /PRNewswire/ -- The Canton Industrial Corporation, a Nevada corporation, and Metallurgical Industries, Inc. (NASDAQ: MTALA), a New Jersey corporation, announced today that they have entered into an agreement in principle for the purchase of five million shares of Metallurgical's Class A common stock to be issued to Canton. The stock purchase will represent approximately 70 percent of Metallurgical's issued and outstanding Class A common stock. A down- payment will be made shortly and held in escrow until a definitive agreement is executed. Canton is engaged in the recycling business with its principal operations in Canton, Illinois. Metallurgical is primarily engaged in the reclamation, refinement, processing, manufacture and sale of tantalum. Tantalum is a rare metal with unique electronic, high temperature and corrosion resistant properties. This agreement is subject to due diligence reviews, a definitive contract and approval by Metallurgical shareholders at a special meeting expected to be held on or before Dec. 3, 1993. Canton is traded on the Boston Stock Exchange under the symbol CNI. Metallurgical is traded on the NASDAQ under the symbol MTALA. -0- 8/30/93 /CONTACT: Richard Johnson of Metallurgical Industries, Inc., 908-542-5800 or Richard Surber of Canton Industrial Corp., 801-575-8311/ (MTALA)
CO: Canton Industrial Corporation; Metallurgical Industries, Inc. ST: Utah IN: MNG SU: TNM
TM-MG -- NY007 -- 6943 08/30/93 09:01 EDT
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|Date:||Aug 30, 1993|
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