CGW Southeast Partners IV, L.P. today announced that its wholly owned subsidiary, JI Acquisition Corp., has completed its $3.00 per share cash tender offer for all outstanding shares of Johnston Industries, Inc. (NYSE: JII). The offer expired, as scheduled, at midnight, New York City time, on Friday, May 5, 2000. As of the termination of the offer, based on a preliminary count from the depositary for the offer, 9,002,189 shares of Johnston Industries’ common stock had been tendered and accepted for payment, including 73,581 tendered pursuant to notices of guaranteed delivery. The closing of the transaction and payment for the tendered shares is expected to take place on May 10, 2000. The tendered shares and the shares of Johnston Industries’ common stock that JI Acquisition will purchase at the closing, represent 91.2% of Johnston Industries’ outstanding common stock. JI Acquisition and Johnston Industries will proceed to complete a merger pursuant to which JI Acquisition will acquire the remaining shares of Johnston Industries for $3.00 per share in cash. The merger is expected to be completed on May 10, 2000. CGW is a Delaware limited partnership organized to make strategic investments in distribution and manufacturing businesses throughout the United States. CGW is headquartered in Atlanta, Georgia.

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