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                          ENVIRODYNE INDUSTRIES, INC.
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                (Name of Registrant as Specified in its Charter)
 
                               ZAPATA CORPORATION
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    (Name of Person(s) Filing Proxy Statement, if other than the Registrant)
 
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                              [Zapata Letterhead]

               ZAPATA CORPORATION ANNOUNCES $640 MILLION PROPOSAL
                     TO ACQUIRE ENVIRODYNE INDUSTRIES, INC.


                 Houston, Texas -- May 14, 1997 -- Zapata Corporation (NYSE:
ZAP) announced today that it has proposed a transaction to acquire all of the
common stock of Envirodyne Industries, Inc. (NASDAQ: EDYN) for $8 per share, a
32% premium over Tuesday's closing price of $6.0625.  The proposed transaction
would occur through a merger in which Envirodyne stockholders, other than
Zapata, would receive $4 per share in cash and $4 per share in Zapata common
stock, based on an exchange ratio to be determined.  The total transaction
values Envirodyne at approximately $640 million in stock and debt.

                 Zapata currently owns approximately 40.4% of Envirodyne.

                 Zapata's merger proposal is subject to the negotiation and
execution of a definitive merger agreement and satisfactory refinancing of
Envirodyne's debt.  It would require the approval of the respective
stockholders of Envirodyne and Zapata.  Because of the concerns Zapata would
have if it did not have representation on Envirodyne's board, Zapata's proposal
also is conditioned on its slate of nominees being elected at Envirodyne's
annual meeting later this week.  However, as Zapata has stated in its proxy
material relating to that meeting, any agreement for a business combination
transaction between Envirodyne and Zapata would be subject to approval by a
committee of Envirodyne's board of directors consisting entirely of persons not
representatives of, or otherwise affiliated with, Zapata.  The Envirodyne board
approval also would need to encompass redemption of rights issued under
Envirodyne's stockholder rights plan.

                 Mr. Avram A. Glazer, President and Chief Executive Officer of
Zapata, stated:  "The Envirodyne Board has questioned our intentions and
motives in seeking to nominate three directors at the upcoming annual meeting.
To address any concerns about this, we decided late yesterday to make this $8
per share merger proposal.  We are willing to acquire the entire company for a
handsome premium.  If Envirodyne's Board is truly interested in advancing
stockholders' interests, they should embrace our proposal and move quickly
toward its successful completion."

Contacts:  Joseph L. von Rosenberg, III, Executive Vice President
           (713) 940-6100/Fax: (713) 940-6122