MYRIAD RESTRUCTURES PRIMARY DEBT WITH TWO LARGEST CREDITORS
SAN DIEGO, Ca--Aug. 11, 1995--Myriad Industries Inc.
(Myriad), (OTC BULLETIN BOARD: MRAD) is pleased to announce the
company has entered into a Capital Contribution and Debt
Cancellation Agreement with Conversion
Industries Inc., Myriad's largest creditor. As of July 31, 1995, Myriad owes
Conversion $7,554,057, including principal and interest, for loans previously
advanced by Conversion. Conversion is presently in Chapter 11
Bankruptcy proceedings, and the agreement is subject to the approval
of the Bankruptcy Court. Under the agreement, Conversion has agreed
to make a capital contribution to Myriad of $7,544,057 in exchange
for 250,000 shares of Series 3 Convertible Preferred stock
redeemable at $1 per share, and a Stock Purchase Warrant for 500,000
shares of Class A Common stock exercisable at $0.50 per share. The
agreement also grants Myriad an option to purchase shares of 300,000
Class A Common stock and 500,000 shares of Convertible Preferred
stock owned by Conversion for $850,000. The agreement with
Conversion will have a substantial positive impact on Myriad's year
end 1995 financial statements. Due to Conversion's debt
cancellation, Myriad will have an increase to shareholders' equity
of $7,544,057.
In addition, Myriad also signed an agreement with its second
largest creditor, a San Diego based financial group, that will
convert a $500,000 loan owed to them by Myriad to equity. Under
this agreement the financial group will receive 1,000,000 shares of
Class A Common stock and 500,000 warrants for converting the loan to
equity.
Myriad's stock is listed on NASD OTC market under the symbol "MRAD."
/CONTACT: David Webb, manager of Corporate Communications of Myriad
Industries, 619-677-6562/