Exhibit 99

                            SPURLOCK INDUSTRIES, INC.
                                   P.O. BOX 8
                             WAVERLY, VIRGINIA 23890


Thursday, January 28, 1999                          CONTACT:  Phillip S. Sumpter

FOR IMMEDIATE RELEASE                                             (804) 834-8980



            COURT APPROVES SETTLEMENT OF SHAREHOLDER DERIVATIVE SUIT

         Waverly, Virginia - Spurlock Industries,  Inc. today announced that the
United  States  District  Court for the  District  of  Colorado  has  approved a
settlement  of  the  shareholders'   derivative  suit  pending  in  such  court,
Rasmussen,  et al. v.  Spurlock  Industries,  Inc.,  et al.  (Civil  Action  No.
97-D-2214).  Effective  December 2, 1998, the named  plaintiffs and  defendants,
including the Company,  entered into a Stipulation  and Settlement  Agreement to
resolve all claims in  connection  with the  lawsuit.  In such  settlement,  the
Company agreed to pay $75,000 in cash and issue 50,000 shares of Common Stock to
the plaintiff  shareholders,  representing a portion of monies  recovered by the
Company as a result of the lawsuit, and to reimburse the plaintiff shareholders'
legal fees in the amount of $22,500.  Notice of such settlement was furnished to
all  shareholders,  who were given the  opportunity to express their opinions on
the  settlement  at a hearing on January 27,  1999.  At the  conclusion  of such
hearing,  the Court entered an order  approving the  settlement,  adjudging "the
terms  of the  settlement  to be  fair,  reasonable,  adequate  and in the  best
interests  of  Spurlock  Industries,  Inc. . . . and its  Shareholders  . . . ."
Further,  the Court dismissed the lawsuit with prejudice on the merits as to all
defendants, including the Company.

         Settlement of the derivative  suit is a condition to  consummating  the
merger with Borden  Chemical,  Inc. under the previously  announced  acquisition
agreement between Borden Chemical and the Company.





         Phillip S. Sumpter,  Chairman and Chief  Executive  Officer of Spurlock
Industries,  Inc.,  said "We are pleased to bring the derivative suit to a final
and fair resolution. We are grateful that the Federal District Court in Colorado
approved the proposed settlement,  confirming the determination by the Company's
Board of Directors  that it was in the best  interests of the Company and all of
its shareholders."

         Spurlock  Industries,   Inc.,  through  its  wholly-owned   subsidiary,
Spurlock Adhesives, Inc., currently develops, manufactures and markets specialty
thermal-setting  resins  and  formaldehyde  for the  forest  products,  building
products  and  furniture  industries.  The  Company's  stock  is  traded  in the
over-the-counter market on the Nasdaq Bulletin Board under the symbol "SKII."



                                       ###