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Meridian National to Sell Interest in EPI Technologies

6 July 1998

Meridian National Announces Letter of Intent for Sale of a 60 Percent Interest in its EPI Technologies Subsidiary

    TOLEDO, Ohio--July 6, 1998--Meridian National Corp. (OTC BB:MRCO) (OTC BB:MRCOP) (OTC BB:MRCOZ), announced today that it has signed a letter of intent with TMW Enterprises Inc. of Troy, Mich. for a transaction whereby TMW will acquire newly-issued shares in EPI Technologies Inc., representing a 60 percent interest.
    EPI is a subsidiary of Meridian National, located in Toledo. TMW has also announced that it has signed a letter of intent to acquire a 60 percent interest in Salem Environmental Inc., a privately held company located in Detroit. Concurrent with TMW's investment in EPI and Salem, the two companies would be merged into one entity. Meridian National would retain a minority interest in the newly-formed company.
    Both EPI and Salem provide recycling services for generators of paint waste from the automotive, industrial, commercial and municipal sectors. TMW has indicated it will combine the two operations to take advantage of each organization's strengths, with the intent to grow the businesses from their current combined revenues of $8 million.
    Definitive agreements are expected to be in place by early August 1998, with closing of the transaction shortly thereafter, subject to completion of due diligence. The new company will continue to offer the current level of service provided by each company.
    TMW Enterprises is a privately held company whose affiliates supply products and services to the automotive industry. Salem Environmental is a privately held company in the paint waste service and recycling industry.
    Meridian National processes and distributes steel products. EPI is a commercial paint waste recycler and provides recycling services principally to industrial customers.