DALLAS, June 7 /PRNewswire/ -- Global Industrial Technologies, Inc.
(NYSE: GIX) announced today that it is continuing in active negotiations with
respect to a possible sale of the company with the same third party with which
it had previously entered into an exclusivity agreement on May 20, 1999 and,
accordingly, has agreed to extend the exclusivity period on the same terms as
before until 5:00 p.m. July 12, 1999.  In connection with this extension, the
parties have also agreed that Global will be paid a fee of $5 million if the
third party does not enter into a definitive agreement to acquire Global at a
price of not less than $13.00 per share by July 12, 1999, subject to certain
exceptions.  No assurances can be given that such continuing discussions and
negotiations will result in a definitive agreement being entered into with
respect to such a transaction and the Company does not expect to make any
further announcements with respect thereto unless and until a definitive
agreement is executed.
    Global is a major manufacturer of technologically advanced industrial
products that support high-growth markets around the world.  Products include
modular cells for refining nonferrous metals; premium refractories for lining
heat-containing industrial vessels such as steel furnaces; raw materials used
to make refractory products; processing and recycling equipment.

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