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VERONEX RESOURCES LTD. ENTERS INTO LETTER OF INTENT

VERONEX RESOURCES LTD. ENTERS INTO LETTER OF INTENT
 VANCOUVER, British Columbia, Sept. 30 /PRNewswire/ -- Veronex Resources Ltd. ("Veronex") (AMEX: VX; VSE: VEO) reported today that it has entered into a letter of intent to acquire Piper Aircraft Corporation ("Piper"). Veronex stated that it will acquire, as a minimum, a 50 percent interest in Piper, or, subject to certain terms and conditions, 100 percent of Piper.
 Piper Aircraft Corporation is a unique American institution. Since 1937, Piper has manufactured and sold more than 130,000 aircraft. Piper, by manufacturing spare parts and providing engineering services, supports more than 95,000 of Piper's aircraft which are still in service, or one-fourth of all general aviation aircraft flying in the world today.
 Piper manufactures and sells five lines of aircraft. Piper sells, services and supports its products, aircraft and spare parts through a worldwide dealer distribution and service network, with 487 outlets in 96 countries. Piper is the only manufacturer of a full line of general aviation piston and turboprop aircraft for personal, corporate and flight training markets in the world.
 Piper's election to self-insure its product liability claims prevented the investment of required working capital, therefore, Piper filed for protection and reorganization under Chapter 11 of the Bankruptcy Code. Accordingly, the acquisition will be subject to approval of the United States Bankruptcy Court. The acquisition is also subject to certain conditions, including entering into a definitive agreement by Oct. 15, 1992 and approval of the definitive agreement by Veronex's shareholders and all regulatory agencies.
 -0- 09/30/92
 CONTACT: David Wooldridge of Veronex Resources Ltd., 310-861-0383
 (VX VEO) CO: VERONEX RESOURCES LTD. IN: AIR SU: TNM -- CL015 -- X590 09/30/92
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Publication:PR Newswire
Date:Sep 30, 1992
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