TCR_Public/960528.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For - May 28, 1996



  1. Irata reaches agreement with primary lender
  2. Sun World Makes Acquisition Announcement
  3. VISTA 2000 makes corporate announcements
  4. VISTA 2000 Announces 1995 Financial Results
  5. POLYMER TECHNOLOGY SETTLES WITH JOHNSON & JOHNSON





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Irata reaches agreement with primary lender



            HOUSTON, TX -- May 28, 1996 -- Robert A. Searles,
        President and Chief Executive Officer of Irata Inc. (NASDAQ:IRATA)
        today reported that "the Company is pleased to announce that it has
        reached an agreement in principle with its primary lender for terms
        to waive the existing default under the loan agreement.  The primary
        condition is the completion of a private placement to raise
        additional capital for the company.  The implementation of this
        agreement and the completion of the private placement should allow
        the company to return to the execution of its business plan."
        


            Irata Inc. developed and presently operates a computerized
        version of the traditional self-service photo booth known as "Video
        Foto."  Booths combine traditional photo options with a variety of
        souvenir, novelty and amusement options, utilizing computer imaging
        technology, a laser printing device, and other computer hardware and
        software, offering users a computer generated photo in 30 seconds
        for only $1.00.  The company operates booths in enclosed Shopping
        Malls, Amusements Parks, Discount Stores, and various amusement
        locations in 46 states.
        


        CONTACT: Irata Inc.
                 Richard Fairchild, Robert Searles, 713/467-4300



Sun World Makes Acq
uisition Announcement



  RANCHO CUCAMONGA, Calif. -- May 28, 1996 -- Cadiz
        Land Co., Inc., (Nasdaq symbol: CLCI)("Cadiz"), announced that on
        May 24, 1996, Sun World International,
        Inc.
("Sun World") filed a
        consensual Plan of Reorganization with the U.S. Bankruptcy Court
        which provides for the acquisition of Sun World by Cadiz.
        


            Sun World, one of California's leading agricultural concerns
        with approximately $150 million in annual revenues, filed for
        Chapter 11 bankruptcy protection in October of 1994 after debt
        restructuring negotiations with its existing creditors failed.
        


            Also on May 24, 1996 the Court ordered that the Plan and
        accompanying Disclosure Statement be mailed to the various
        constituencies by June 10 for a formal vote.  The Plan will be
        placed before the Court for final confirmation at a hearing
        scheduled for July 12, 1996.  Assuming satisfaction of all Plan
        requirements (including completion of satisfactory documentation),
        ownership of Sun World will be transferred to Cadiz approximately
        ten days following Plan confirmation.
        


            The achievement of a consensual Plan represents the culmination
        of six months of negotiations involving Cadiz and the various
        constituencies to the Sun World bankruptcy case.  Cadiz commenced
        its review of Sun World and its operations in late 1995, and
        retained Smith Barney, Inc. to advise it on the proposed
        acquisition.
        


            The proposed Plan provides for total consideration of
        approximately $175 million for the acquisition.  Of this amount,
        approximately $153 million will be owed to Sun World's existing
        secured lenders through a restructuring of existing debt;
        approximately $15 million in cash will be used to settle unsecured
        creditors' claims; and approximately $10 million in equity
        securities will be issued by Cadiz for the purpose of reducing loan
        principal and providing consideration to Sun World's current equity
        holders.  
        


            In addition, Cadiz will infuse $15 million into Sun World's cash
        balance, with the intent of eliminating the requirement for Sun
        World to have any additional debt facilities beyond those owed to
        its existing secured creditors.  
        


            In order to meet its funding requirements under the Plan, Cadiz
        will utilize the proceeds of a private placement of convertible
        preferred stock which it has agreed to issue to a limited number of
        institutional investors.
        


            Following completion of the acquisition, Timothy J. Shaheen will
        be named Chief Executive Officer of Sun World.  For the last seven
        years, Shaheen has been a senior executive at Albert Fisher North
        America, the nation's largest produce distributor.
        


            The acquisition also will allow Cadiz to expand its agricultural
        and water business development as well as diversify its business
        base.  "Sun World's customer base, its more than 19,000 acres of
        agricultural landholdings, and its senior water rights provide Cadiz
        with an ideal operating synergy that will further enhance
        shareholder value," said Keith Brackpool, chief executive officer
        and director of Cadiz.
        


            Founded in 1983, Cadiz is a publicly held agricultural
        development firm that currently owns 42,000 acres of property with
        substantial groundwater resources.



        CONTACT:  Cadiz Land Co., Inc.
                  Keith Brackpool, 909/980-2738
                           or
                  Stoorza, Ziegaus & Metzger, Inc.
                  Cathy Ann Connelly or Fiona Hutton, 213/891-2822



VISTA 2000 makes corporate announcements



            MARIETTA, Ga. -- May 10, 1996 -- Vista 2000, Inc.
        (NASDAQ: VISTE, VISWE) announced today that it has reached an
        agreement with Ginarra Holdings, Inc. to expand the Company's Board
        of Directors to a total of nine directors, including six additional
        independent directors.  As part of the agreement, the Company's
        incumbent directors have voted to place six new independent
        directors on the expanded Board.  The Company anticipates that the
        call for a special meeting of shareholders for June 28 will be
        withdrawn.  
        


            Separately, the Company has been informed by its outside
        auditors that the audit of Vista 2000 is not yet complete.  In
        addition, the auditors have informed management that they are not
        presently in a position to render an opinion on the Company's
        consolidated financial statements as a result of a limitation on the
        scope of their work resulting primarily from the inadequacy of the
        books and records of the Company's subsidiary, Family Safety
        Products, Inc. (FSPI).  The Company notes, however, that it expects
        the audit of the financial statements of the Company's American
        Consumer Products, Incorporated (ACPI) subsidiary, which accounts
        for approximately 90% of the Company's 1995 business, to be
        completed on the previously announced target date of May 15, 1996.  
        


            Also, the Company announced today that it has been notified by
        The Nasdaq Stock Market that the Company's publicly traded
        securities are scheduled to be delisted from the Nasdaq National
        Market.  The Company intends to request that its publicly trading
        securities continue to be listed on the Nasdaq National Market.  A
        final determination of this matter will be made following a hearing
        on this request.  No assurances can be made that a desirable final
        outcome of this matter will be reached.  If the Company receives an
        unfavorable ruling following the hearing and its publicly traded
        securities are delisted, the Company intends to apply to have these
        traded securities listed on the Nasdaq Small Cap Market.  
        


            In addition, the Company announced today that it has been
        notified that the U.S. Securities and Exchange Commission (SEC) has
        commenced an informal investigation.  The Audit Committee of the
        Board of Directors is continuing its investigation of the matters
        leading up to the auditing difficulties.  
        


            The Company also noted that over the last thirty days it has
        become a named defendant in fifteen (15) legal actions filed in U.S.
        District Court in the Northern District of Georgia and generally
        seeking class action status resulting from the Company's previously-
        announced financial and accounting improprieties.  
        


            "In light of the significant difficulties we are now
        experiencing, the Board of Directors determined that an amicable and
        swift settlement with Ginarra Holdings is in the best interests of
        all shareholders.  The incumbent directors have voted to add well-
        qualified outside directors to the expanded Board who are determined
        to take the steps necessary to reestablish confidence in this
        company and its future,"  said Arnold Johns, President of Vista
        2000.  "I want to assure everyone that the auditors are working
        diligently to conclude their examination, and we are actively
        working to prevent financial reporting problems going forward."  
        


            Mr. Johns added, "During the next several weeks, we will request
        to have our securities continue to trade on the Nasdaq National
        Market.  We also are taking the required steps to try to enable
        continued trading of our public securities on the Nasdaq Small Cap
        Market in case our efforts with The Nasdaq Stock Market prove
        unproductive."  
        


            Vista 2000, Inc.'s businesses include nationally recognized
        brands in the areas of hardware, housewares and safety and security
        appliances.  The Company has facilities in three countries and
        services 25,000 retailers nationwide.  The products are also sold
        directly to consumers through television and magazines.  
        



        CONTACT:  Robinson Lerer Sawyer Miller, New York
                  Mr. Nicolas Platt
                  212/484-7457
                  Mr. John Quirk
                  212/484-7699
                  Mr. John Franklin, III
                  212/484-7693
                  fax: 212/484-7411



   

VISTA 2000 Announces 1995 Financial Results



            MARIETTA, Ga. -- May 22, 1996 -- Vista 2000, Inc.
        and subsidiaries (NASDAQ: VISTE, VISWE) today announced its
        operating results for the year ended December 30, 1995.  
        


            The consolidated Vista group reported a net loss for the year
        ended December 30, 1995 of $12.9 million.  This amounts to a loss of
        $2.04 per share based on approximately 6.3 million weighted average
        shares outstanding during the period.  
        


            Separately, the Company also reported a restatement of its
        results for the year ended September 30, 1994.  Previously, the
        Company had reported losses for this period of $329,000.  The
        restated loss for this period is $2.1 million, or a loss of $0.94
        per share based on approximately 2.3 million weighted average shares
        outstanding during the period.  
        


            As was previously announced, the Company changed its fiscal year
        end from September 30 to December 30 during calendar year 1995.
        Accordingly, the Company has reported a loss for the three-month
        stub period ended December 31, 1994 of approximately $1.0 million,
        or a loss of $0.36 per share based on approximately 2.8 million
        weighted average shares outstanding.  
        


            On March 26, 1996, the Company announced that it expected to
        report a loss for 1995 of approximately $5.0 million.  The audit
        process was in its initial stages at this time, and certain
        adjustments have since been made which were principally, in sum, as
        follows: a decrease in the estimated earnings of the America
        Consumer Products, Inc. ("ACPI") subsidiary of approximately $1.5
        million; an increase in the loss attributable to the Family Safety
        Products, Inc. ("FSPI") subsidiary of approximately $1.3 million; an
        increase in the loss attributable to the parent holding company of
        $3.9 million; and an increase in the loss attributable to
        discontinued operations of its subsidiary Promotional Marketing,
        Inc. of approximately $1.0 million.  
        


            Losses are primarily attributable to acquisition related costs,
        inventory liquidations below normal selling prices, production start-
        up costs and related materials and manufacturing costs as well as
        high general overhead.  The decrease in expected earnings from ACPI
        is principally due to a restated acquisition date of September 30,
        1995 versus a previously reported date of July 31, 1995.  Losses at
        Vista Corporate consist principally of accrual of unpaid expenses,
        reclassification of previously reported default capital costs to
        expenses and non-cash charges related to stock compensation.  
        


            The accompanying consolidated financial data includes the
        accounts of Vista 2000, Inc.  and its subsidiaries ACPI, Alabaster
        Industries, Inc. ("Alabaster"), FSPI and Intelock.



                Year ended December 30, 1995
                  (Dollar amounts in thousands)
          
             Summary of Statement of Operations
                                                               Loss
                                                               from
                                      Oper-                   Discon-
                             Oper-    ating   Other   Pre-tax  tinued  Net
                     Profit  ating    Profit  Income  Earnings Oper- Earnings
               Sales (Loss) Expenses  (Loss) (Expense) (Loss)  ations (Loss)
        Company
        
        ACPI      26,038  7,190   5,955    1,235    (615)    620      0
        620
        Alabaster  3,922    142   1,213   (1,071)      4  (1,067)     0
        (1,067)
        FSPI       1,982 (1,490)  4,316   (5,806)    (24) (5,830)     0
        (5,830)
        Intelock     480     (6)    537     (543)      6    (537)     0
        (537)
        Vista 2000     0      0   5,297   (5,297)    253  (5,044)(1,000)
        (6,044)
        
        Consol-
         idated   32,422  5,836  17,318  (11,482)
        (376)(11,858)(1,000)(12,858)
        

                      As of December 30, 1995
                      (Dollar amounts in thousands)
        
                    Selected Balance Sheet Data
        
                          Total      Working   Long-term   Stockholders'
          Company            Assets      Capital      Debt        Equity
        
        ACPI                 50,544       30,948     22,845            0
        Alabaster             7,690          618         44            0
        FSPI                  7,262        1,577          0            0  
        Intelock              1,315          866          0            0
        Vista 2000              291       (1,944)       140       22,930    
        
        Consol-
         idated              67,102       32,065     23,029       22,930


            The summary statement of operations data for ACPI and Alabaster
        are from their dates of acquisition (Sept. 30, 1995 and July 31,
        1995, respectively) to the end of the year.  For the entire year
        ended December 30, 1995, the net sales of these two subsidiaries
        were $105 million and $10.4 million for ACPI and Alabaster,
        respectively.

        
            The Company will examine various operating, legal and corporate
        structuring alternatives to reduce the operating losses at the
        subsidiary and holding company level.  The Company is also reviewing
        alternative financing sources for its ongoing operations including,
        but not limited to, the sale and leaseback of certain of its real
        estate holdings and production equipment, attempting to obtain
        additional working capital lines of credit due to seasonal working
        capital demands, and a general reduction of its operating expenses.
        There is no assurance, however, that the Company will be successful
        in obtaining such working capital lines.  
   

     
            Separately, the Company notes that financial controls are being
        implemented at the FSPI subsidiary to help prevent the occurrence of
        inventory discrepancies in the future.  In addition, management
        notes that it is taking the necessary steps and implementing
        additional financial controls to enable the Company to again be in a
        position to receive audited financial statements at the holding
        company and subsidiary levels for future fiscal periods.  However,
        the Company notes that it anticipates having an audited balance
        sheet for the Company and all of its subsidiaries as of June 30,
        1996. Consequently, the Company does not anticipate having audited
        financial statements for a complete year period until December 30,
        1996.
      

  
            As previously reported, the Company's auditors, Grant Thornton
        LLP, will disclaim an opinion on the Company's financial statements
        for the period ended December 30, 1995 because evidence supporting
        the operations of Family Safety Products, Inc. and Intelock
        Technologies, Inc. was not available.  The Company's records did not
        permit the application of auditing procedures to these activities.
        The Company intends to file on Form 8-K the financial statements of
        the consolidated Vista group as well as the information typically
        reported on Form 10-KSB as soon as practicable.  Further, the
        Company will file its Form 10-Q for the period ended March 31, 1996
        when it has determined the operating results for the period.  
        


            Vista 2000, Inc.'s businesses include nationally recognized
        brands in the areas of hardware, housewares and safety and security
        appliances.  The Company has facilities in three countries and
        services retailers nationwide.  The products are also sold directly
        to consumers through television and magazines.  



   CONTACTS: Nicolas Platt
                  212/484-7457
                      or  
                  John Quirk
                  212/484-7699
                      or    
                  John Franklin, III
                  212/484-7693
                  212/484-7411 (Fax)



POLYMER TECHNOLOGY INTERNATIONAL ANNOUNCES WITHDRAWAL OF APPEAL AND
SETTLES WITH JOHNSON & JOHNSON



            ISSAQUAH, Wash., May 28, 1996 - Matthew Pazaryna,
        president and chief executive officer of Issaquah-based Polymer
        Technology International
announced today that an out-of-court
        settlement was reached between Polymer and LifeScan, Inc., a
        subsidiary of Johnson & Johnson.  The agreement was approved by the
        U.S. Bankruptcy Court, Seattle, Washington.
        


            As a result of the settlement, the parties have agreed to
        discontinue further litigation regarding the decision reached last
        may by the U.S. Federal District Court in Seattle.  In that
        decision, the court found in favor of LifeScan's claim of patent
        infringement for the "no-wipe" test strips manufactured by Polymer
        and used in LifeScan's One Touch(R) blood glucose meters.
        


            "Not only is this settlement good news for the company, but it
        is an important step in rebuilding Polymer as we re-enter the blood
        glucose monitoring business," said Pazaryna.
        


            "By moving forward with our reorganization plan, we can continue
        to meet the special needs of our loyal customers who struggle with
        the day- to-day challenges of diabetes."
        


            Founded in 1988, Polymer manufactured and marketed First
        Choice(TM) blood glucose "no-wipe" test strips used by people with
        diabetes to monitor their daily blood glucose levels.  Polymer
        continues to manufacture its "wipe" test strips for other meters in
        the market.
        


            In the near future, Polymer is planning to deliver a new cost-
        effective, high quality test strip to be used in its new meter.  The
        company anticipates submitting its 510k to the Food and Drug
        Administration later this year.


        CONTACT:  Jamie Gier of Polymer Technology, 206-391-3695