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                                                                     Exhibit 12

FOR IMMEDIATE RELEASE

Contact:     Sanford Harwood
             Assistant Chairman
             (201) 798-0090
             SQAI


                  SQUARE INDUSTRIES ANNOUNCES AGREEMENT TO BE
                          ACQUIRED BY CENTRAL PARKING

     New York, New York, December 9, 1996 -- Square Industries, Inc. (NASDAQ -
SQAI), announced today that it has entered into an agreement providing for the
acquisition of the Company by Central Parking Corporation, a leading provider
of parking in the United States. The proposed acquisition is to be effected by
a cash tender offer by Central Parking for the outstanding shares of the
Company's common stock and subsequent merger with a subsidiary of Central
Parking. Shareholders of the Company are to receive $28.50 for each outstanding
share in cash at the closing of the offer or effectiveness of the merger and
$2.50 per share to be held in escrow and disbursed to the Shareholders if
certain conditions are satisfied.

     The transaction has been recommended by the Board of Directors of the
Company and of Central Parking. Notice of the cash tender offer is expected to
be filed by Central Parking with the Securities and Exchange Commission on
December 13, 1996. The cash tender offer is subject to certain conditions
including the acceptance of the offer by at least 66 2/3% of the outstanding
common stock of the Company.

     Of the escrowed funds, payment of $1.99 per share is contingent on the
execution of a lease or effecting a sale, meeting certain criteria with respect
to one specific property, and may be held in escrow for up to twelve months.
Payment of $0.51 per share is contingent on the resolution of certain tax
issues, and may be held for up to three years. The escrow agreement provides
that any interest earned on the escrowed funds will be distributed to the party
receiving the funds and that certain expenses will be paid out of the escrowed
funds.

     Lowell Harwood, Chairman and Chief Executive Officer of Square Industries,
stated "we look forward to joining forces with Central, and we believe that
Square's leadership in the Northeast, U.S. will complement and strengthen
Central's position in the parking industry".

     Monroe J. Carell, Jr., Chairman and Chief Executive Officer of Central
Parking, remarked, "we are confident that this proposed acquisition will
contribute positively to our continued growth in earnings, starting in our 1997
fiscal year. The majority of parking facilities which Square
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Industries controls and manages are in geographic areas where we already have
established operations. We believe this transaction represents another logical
and profitable way of enhancing our overall competitive position."

     Square Industries, headquartered in Jersey City, New Jersey, currently
operates approximately 117 parking facilities containing over 61,000 spaces
located primarily in the Northeast (New York City, 49; Philadelphia, 30;
Newark, 17; Pittsburgh, 11 and other cities, 10.) Included in Square's
facilities are Rockefeller Center and One Penn Plaza as well as sports
complexes such as Shea Stadium, home of the New York Mets and Corel
Centre/Palladium in Ottawa, Canada. Square Industries reported revenue of $65.9
million for the year ended December 31, 1995.

     Central Parking reported revenue of $143.3 million for its fiscal year
ended September 30, 1996. Headquartered in Nashville, Tennessee, Central
Parking is a leading provider of parking services in the United States. The
Company currently operates in excess of 1,360 parking facilities containing
over 546,000 parking spaces located in 32 states, the District of Columbia, the
United Kingdom, Mexico, Puerto Rico and Germany. The Company provides parking
consulting services in Malaysia and Spain and has a business development office
in Amsterdam.