Bernstein Leibstone & Associates Inc. acquires substantially all of the common shares of Archway Capital Inc

Business Wire, July 17, 1995

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--July 17, 1995--Bernstein Leibstone & Associates Inc. (Bulletin Board Symbol:BLAI) has acquired substantially all of the common shares of Archway Capital Inc., a diversified holding company which invests in proprietary product manufacturing and marketing companies.

BLAI exchanged 13,291,700 newly issued shares of its common stock, on a one-for-one basis, with the shareholders of Archway Capital Inc. Total shares outstanding after the transaction are 17,291,700.

Following the transaction, William Leibstone, chief executive officer and director, and Robert Stone, director resigned, effective immediately, from their respective positions. Patrick Sullivan, John D. Herter and Bruce Livergood have been appointed to replace the pre-existing board members. Additionally, Patrick Sullivan was named chief executive officer.

In addition, BLAI has sold its existing textile and packaging divisions, which have experienced operating losses for the past several years, to William Leibstone Associates, a corporation wholly owned by William Leibstone, for $941,348, payable by a secured note due in 1998.

Archway Capital Inc. has among its holdings a majority ownership position in Clearshield Manufacturing Corp. Clearshield is a manufacturer, distributor and seller of a patented clear "state of the art," polycarbonate hurricane shutter system. The product is manufactured in Riviera Beach, Fla. under an exclusive license agreement for the state of Florida with Clearshield Inc., a closely held corporation.

Bernstein Leibstone & Associates Inc. is traded on the Bulletin Board System under the symbol "BLAI."

CONTACT: Bernstein Leibstone & Associates Inc., West Palm Beach

Patrick Sullivan, CEO, 407/688-6400