MULTI-STEP TO SELL LADDER UNIT, CANCEL SHARES

  &lt;Multi-Step Products Inc>, earlier
  reporting an initial six month loss, said it agreed to sell
  wholly owned Multi-Step Manufacturing Inc for 100,000 dlrs
  cash, subject to shareholder and regulatory approval.
      Multi-Step also said it will pay 900,000 dlrs to cancel
  711,192 of its own shares, which will be acquired from Michael
  Penhale and his benficiaries. Penhale will control and manage
  Multi-Step Manufacturing, following the transactions.
      Multi-Step had a 739,146 dlr loss for the six months ended
  December 31. The company received its initial public listing in
  December.
      The company said its ladder-making unit has been losing
  300,000 dlrs quarterly.
      The sale, expected to close in April, also calls for
  retirement of the unit's 400,000 dlr bank debt, Multi-Step
  said. The unit also has agreed to pay a debt of 400,000 dlrs to
  Tarxien Company Ltd, which is 40 pct owned by Multi-Step.
      Multi-Step previously said it agreed to acquire the
  remaining 60 pct of Tarxien it does not already own.
  

