OTHER NEWS - May 18, 1995

Standard Brands Paint Deal Closes: Corimon, a Venezuelan conglomerate, said it completed a financial restructuring of the troubled Torrance-based paint maker and retailer and now owns 77% of Standard Brands Paint Co. stock. The recapitalization of Standard Brands by Corimon for $18 million sharply dilutes original shareholders’ stake, reducing it to 3% in the “new” company. Effective Wednesday, Standard Brands’ shares on the New York Stock Exchange were repriced in a 1-for-10 reverse split, so that 10 shares worth 28 cents each on Tuesday became one share worth $2.75 at the market opening Wednesday. The new shares then fell to close at $1.875. Corimon said Standard Brands “represents a major opportunity to implement our growth strategy in the paint, coatings and related products market while supporting our expansion into the United States.” Corimon shares, traded on the NYSE, eased 25 cents to $7.25.