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THE GNI GROUP, INC. COMPLETES PUBLIC OFFERING

 HOUSTON, March 31 /PRNewswire/ -- The GNI Group, Inc. (NASDAQ: GNUC) today announced that it has completed the public offering of 1,600,000 shares of its common stock. The company sold 1,100,000 shares for its own account and 500,000 shares were sold for the account of certain selling stockholders. Raymond James & Associates, Inc., acted as the representative of the underwriters.
 The company received proceeds of approximately $8.5 million (after deduction of the underwriting discount). The company incurred approximately $395,000 in expenses relating to the offering, leaving net proceeds of approximately $8.1 million.
 The company intends to use the net proceeds from the offering to construct certain additions to the company's chemical recovery facility, to reduce its debt, and for general corporate purposes. Pending these uses, the company may invest a portion of the net proceeds of this offering in short-term investment grade securities or reduce the revolving line of credit extended by a commercial bank, which the company uses primarily for working capital purposes.
 The GNI Group, Inc., provides specialized chemical recovery and processing services and treats and disposes of hazardous and non- hazardous waste and by-product streams. The company's principal services include the recycling and processing of chemicals and related by-products; the disposal by deepwell injection of liquid industrial wastes; and the treatment and final disposal of a variety of waste and by-product streams. Its principal executive offices are located at 2525 Battleground Road, Deer Park, TX 77536.
 -0- 3/31/93
 /CONTACT: Titus H. Harris III, executive vice president and chief financial officer of the GNI Group, 713-930-0350; or Pat Hoyt of Hoyt & Associates, 713-665-2549, for the GNI Group/
 (GNUC)


CO: The GNI Group, Inc. ST: Texas IN: CHM SU: OFR

GK -- NY060 -- 1576 03/31/93 14:22 EST
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Publication:PR Newswire
Date:Mar 31, 1993
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