MATHEMATICAL APPLICATIONS SETS OPERATIONS SALE

  Mathematical Applications Group
  Inc said it has signed a letter of intent to sell all of its
  operating business and will propose a plan of liquidation
  following the sale.
      If the company is unsuccessful in obtaining the approvals
  needed for the sale and liquidation, it said, the company may
  be required to initiate reorganization proceedings under
  federal bankruptcy law to facilitie the distribution of its
  assets.
      Mathematical Applications said it tentatively agreed to
  sell its direct marketing business to Pagex Inc for 400,000
  dlrs plus an amount equal to the working capital of the
  business at closing as well as a 1.7 mln dlr note payable in
  installments over six years.
      Mathematical Applications said the business' working
  capital is estimated to be about 600,000 dlrs.
      Pagex has been formed by Paul A. Goldner the owner of Pagex
  Systems Inc, which is also engaged in the direct marketing
  computer service business.
      Mathematical Applications said the tentative agreement
  calls for Pagex to buy substantially all of the assets and
  liabilities related to the direct marketing business and
  continue to use the Mathematical Applications name.
      It said the sale is also subject to renegotiation of a real
  estate lease and approval of a definitive agreement by the
  company's board, stock holders and debenture holders.
      The company said it has obtained waivers from holders of
  its six mln dlrs principal amount of debentures due March 31,
  1993, to defer interest payments aggregating 270,000 dlrs
  through March 31, 1987. The company said it will seek waivers
  to defer these interest payments, and those due March 31, for
  enough time to enable the company to accomplish the proposed
  sale of its operations.
      Mathematical Applications said it is talking to debenture
  holders, its landlord, a lessor of equipment to the marketing
  operation and holders of other liabilities not being assumed by
  Pagex to arrange distribution of assets after the proposed
  sale, adding that these assets will be significantly less than
  its liabilities.
      The company said it has obtained waivers from holders of
  its six mln dlrs principal amount of debentures due March 31,
  1993, to defer interest payments aggregating 270,000 dlrs
  through March 31, 1987. The company said it will seek waivers
  to defer these payments, and those due March 31, for enough
  time to accomplish the proposed sale of its operations.
      Mathematical Applications said it is talking to debenture
  holders, its landlord, a lessor of equipment to the marketing
  operation and holders of liabilities Pages is not assuming to
  arrange distribution of assets after the proposed sale, adding
  these assets will be significantly less than its liabilities.
      As part of the distribution of assets, the company said, it
  expects shareholders to receive an amount based on the bid
  price of the company's stock, which was 1/16 on March five.
  

