PASADENA, California--May 19, 1995--
Conversion Industries Inc.
(OTC) ("Conversion") announced that it has filed for
reorganization under Chapter 11 of the Federal Bankruptcy Code in the Central  
District of California.  Conversion was placed in default of its loan agreement with  
CVD Financial Corp. ("CVD Financial") for failure to make an interest payment due  
May 1, 1995.  The outstanding balance of the loan as of April 30, 1995, was  
$2,331,000 including interest and other costs due CVD Financial.  CVD  
Financial has also notified Conversion that it is in default on $4,875,000 of  
loan guarantees on loans to three other borrowers of CVD Financial and has  
demanded immediate payment of the entire balance of the loan and guarantees.

  The management of Conversion has been negotiating with CVD Financial for an  
extension of the May 1st date in anticipation of receiving sufficient funds to  
cure the defaults under the loan agreement.  CVD Financial has refused to  
grant Conversion any relief and has additionally refused to discuss  
Conversion's offer to pay off its entire loan balance in 60 days.   
Accordingly, Conversion has no other choice than to seek protection under  
Chapter 11 of the Federal Bankruptcy Code.

  The management of Conversion has been actively seeking the necessary funds  
to pay off the balance under the loan agreement and prevent any events of  
default.  Conversion has engaged an underwriter which is in the process of  
attempting to raise funds, on a best efforts basis, which are to be available  
to Conversion within 60 days.  However, there can be no assurance that  
Conversion will ultimately receive any funds.

  As discussed at Conversion's annual meeting last December, a Chapter 11  
filing has been a consideration for some time.  Conversion's assets, which  
were severely impacted by the trading halt and initiation of delisting  
procedures by the American Stock Exchange on Oct. 11, 1994, have not yet  
recovered value.  The company believes that Conversion's principal assets,  
primarily equity positions in Beta Well Service Inc., Statordyne Corp., North  
American Recycling Inc. and Myriad Industries Inc., none of which is now  
listed on an exchange, are all trading well below their underlying value and  
potential for growth.  Additionally, Conversion is currently litigating a law  
suit filed by a former officer, two shareholder class action law suits, a law  
suit filed by a former portfolio company (Bratcher Industries Inc.) and has  
been delisted from the American Stock Exchange.  The Securities and Exchange  
Commission is also conducting a formal investigation of Conversion and several  
of its present and former related companies.

  A report on Form 10-QSB dated May 19, 1995 is being filed with the  
Securities and Exchange Commission detailing the financial results for the  
quarter ended March 31, 1995.

  /CONTACT:  David Rapaport of Conversion Industries, 818-793-7526/  
15:20 EDT

First Interstate Bank to send helicopter to customers receiving Orange County  
investment pool payouts to ensure they draw weekend interest

  LOS ANGELES, California--May 19, 1995--Nearly 200 government agencies  
will be handed long-awaited payouts from the Orange  
investment pool beginning at 9 a.m. Friday.

  For those who are First Interstate Bank customers, a helicopter will be  
posted on the roof of the bank's nearby Santa Ana Main office to fly the  
checks to Los Angeles so customers can begin immediately earning interest on  
their multi-million dollar deposits.

  "It could mean a difference of over $30,000 in interest for the customer if  
a $100 million check clears on Friday rather than Monday," said Susan Cotton,  
First Interstate Bank's vice president of Government Services.  "I even have a  
client flying in from Northern California just to pick up the check and get it  
deposited immediately."

  To ensure the deposits receive the extra three days' interest, First  
Interstate must process the checks at its downtown Los Angeles operations  
center and get them to the Los Angeles check clearing exchange by its noon  
deadline so the funds can be transferred and begin earning interest the same  

  First Interstate bankers will meet customers on-site as they pick up the  
Orange County checks and help them immediately deposit them at the bank's  
Santa Ana Main office.

  Investors in the Orange County pool include cities, water districts, school  
districts and other public agencies.

  Los Angeles-based First Interstate Bank is the third-largest commercial bank  
in California and the principal subsidiary of First Interstate Bancorp, the  
14th-largest banking company in the nation and the second largest based in the  

  First Interstate banks operate 1,167 offices in 13 western states to serve  
individuals, small businesses, middle market companies and selected large  
corporations and financial institutions.

           CONTACT:  First Interstate Bank, Los Angeles  
                     Rich Wyler, 213/614-4462 (office)  
                     213/613-5995 (pager)