GUARDIAN-MORTON SHULMAN AGREES TO TAKEOVER BID

  &lt;Guardian-Morton Shulman Precious
  Metals Inc> said Morton Shulman and Guardman Investment
  Management Services Inc agreed in principle for Andrew Sarlos
  to make a takeover bid for all special shares and series II
  warrants of Guardian-Morton, subject to regulatory approval and
  completion of definitive documentation.
      Guardman Investment, current manager and owner of all
  common shares of Guardian-Morton, also agreed to sell the
  common and its management agreement to a company controlled by
  Sarlos if the takeover bid is successful, Guardian-Morton said.
      Price to be offered for the Guardian-Morton special shares
  under the takeover bid will be 90 pct of the net asset value of
  the special shares at the time of the bid, and two dlrs for
  each series II warrant, the company said.
      Guardian-Morton said the takeover bid will be conditional
  on Sarlos acquiring at least 90 pct of the special shares and
  90 pct of the series II warrants, when combined the number of
  special shares and warrants owned by the offeror at the time of
  the bid.
      Investment companies managed by Sarlos currently own
  slightly less than 10 pct of Guardian-Morton's special shares.
  

