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ACS ENTERPRISES SELLS SHARES OF UNREGISTERED COMMON STOCK TO ELECTRA INVESTMENT

 TREVOSE, Pa., Oct. 20 /PRNewswire/ -- Alan Sonnenberg, chairman and chief executive officer of ACS Enterprises (NASDAQ: ACSE), announced today that the company has sold 139,000 shares of unregistered common stock to Electra Investment Trust, P.L.C., a publicly traded U.K. investment trust, in a private placement for $5,004,000.
 This sale replaces a contemplated transaction previously disclosed in June 1993, whereby the company had agreed in principal with the purchaser of the common stock to sell $10 million of 9 percent convertible preferred and 12 percent redeemable preferred stock. As a result of recent increases in the price of the company's common stock, the previous transaction was determined not to be in the best interest of shareholders by the company's board of directors.
 The company will use the proceeds of this sale for working capital and new subscriber additions to its Philadelphia area wireless cable system. Completion of this transaction should also permit the company to consummate a $25 million senior line of credit facility in the immediate future.
 /delval/
 -0- 10/20/93
 /CONTACT: Alan Sonnenberg, chairman and chief executive officer, of ACS Enterprises, 215-396-9400/
 (ACSE)


CO: ACS Enterprises ST: Pennsylvania IN: ENT SU:

MJ-JM -- PH018 -- 4581 10/20/93 12:32 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
Words:208
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