Partech announces closing of agreement with Advanced Plastics International Corp

Business Wire, May 30, 1995

COLUMBUS, Ohio--(BUSINESS WIRE)--May 30, 1995--Partech Holdings Corp. (NASDAQ:APHC; Boston Exchange:PTH.B) (the ``company''), a broadcasting and equipment leasing company, announced that it has completed the previously announced agreement for the acquisition of an interest in Advanced Plastics International Corp.

As a result of the transaction, Partech received 200,000 shares of the common stock of APIC together with warrants for an additional 1,500,000 shares exercisable at a price of $3.00 per share through June 30, 1998.

APIC, which on May 1, 1995 completed its $4 million acquisition of the replicar manufacturing business of GGL Industries, manufactures and markets component cars for the automotive enthusiast under the name Classic Motor Carriages.

For the year ended Dec. 31, 1993 and the 10 months ended Oct. 31, 1994, the business reported revenues of $12,685,000 and $7,762,000 respectively, and a net loss of $1,007,000 and net after-tax income of $355,600 (including a one-time extraordinary non-recurring charge of $469,000), respectively.

Partech's 200,000 shares represents approximately 10 percent of APIC's shares of outstanding common stock.

CONTACT: Partech Holdings Corp., Columbus

John E. Rayl, 614/538-0660