COMPUTER MEMORIES &lt;CMIN> SETS FILM FIRM MERGER

  Computer Memories Inc, which ended
  its disk drive operations in June 1986, agreed to acquire
  &lt;Hemdale Film Corp> in a transaction which will give Hemdale's
  owner control of the resulting company.
      Computer Memories' principal asset is about 29.4 mln dlrs
  in cash and cash equivalents. It has agreed to exchange newly
  issued shares equaling 80 pct of the aggregate issued to
  acquire Hemdale. That company's owner, John Daly, would then
  become chief executive officer of the combined company which
  would be renamed Hemdale Film Corp.
      Computer Memories said the proposed transaction is subject
  to the results of certain corporate reviews and approval of its
  shareholders, who will hold a special meeting as soon as
  practicable.
      The company said it has 11,109,190 shares outstanding, of
  which about 1,734,000 are held by Intel Corp &lt;INTC>. It is
  anticipated the FIntel shares will be purchased for 2.75 dlrs a
  share in connection with the merger with Hemdale, Computer
  Memories said.
  

