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ULTRA PAC, INC. AGREES TO PRELIMINARY TERMS TO FORM A MIDDLE EASTERN JOINT VENTURE

 MINNEAPOLIS, June 30 /PRNewswire/ -- Ultra Pac, Inc. (NASDAQ: UPAC) announced today that it has agreed in principle to enter into a joint venture for the exclusive marketing, selling, and distribution of its products in certain countries of the Middle East and North Africa. As proposed, Ultra Pac, Inc. of Rogers, Minn. and Matrix International Limited, owned by Mohammed Jalal & Sons of Manama, Bahrain and Dr. George Theodory of Beirut, Lebanon, would hold 40 percent and 60 percent ownership, respectively, of a new offshore limited liability company to be established in Bahrain. The company's name will be "Ultra Pac Middle East," pursuant to a license by Ultra Pac, Inc. which also covers the use of Ultra Pac trademarks, logos, service marks or patents. The joint venture is subject to final documentation.
 Initially, the Beirut office will serve the Middle Eastern region and certain countries in North Africa. The office will house a small staff which will secure sales agents and distributors. All manufacturing will initially be done at Ultra Pac's Minnesota headquarters facility.
 According to Cal Krupa, CEO of Ultra Pac, Inc., this decision was based on more than six months of evaluation of the Middle Eastern region and management's belief that excellent sales potential exists.
 Ultra Pac, Inc. designs, manufactures and markets a wide variety of food packaging products and is a market leader in the development of recyclable and recycled plastic packaging made primarily from polyethylene terephthalate (PETE).
 -0- 06/30/93
 /CONTACT: Cal Krupa, CEO of Ultra Pac, 612-428-8340; or Adrienne Griffith of de Petra & Associates, Inc., 612-338-7630 or 800-969-7630, for Ultra Pac/
 (UPAC)


CO: Ultra Pac, Inc. ST: Minnesota IN: SU:

AL -- MN007 -- 7161 06/30/93 12:23 EDT
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Publication:PR Newswire
Date:Jun 30, 1993
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