Alpine Lace completes $2.25 million private placement.MAPLEWOOD, N.J.--(BUSINESS WIRE)--March 22, 1995--Alpine Lace Brands Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :LACE), announced today it had completed a private sale of $2.25 million of its 7.5% Cumulative Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . The securities are convertible into Alpine Lace common stock at a conversion price of $7-3/8. If they are not converted prior to their fifth anniversary, the company is required to redeem them or force a conversion at a market price. Wm. Smith Securities, Inc. and Gilmore & Co. Inc., acted as placement agent and advisor in this transaction. The company said it will use the proceeds to repurchase $3 million in subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". and 360,000 warrants. Alpine Lace Brands Inc. develops and markets a full line of low salt and low cholesterol cheeses, as well as a full line of fat free cheeses, all sold under the Alpine Lace(R) label. The company's primary product lines provide nutritionally superior cheese products while meeting consumer demands concerning taste and product quality. Through its Marolf Dakota Farms Inc. subsidiary, the company converts and packages the company's warehouse and club store cheeses as well as dairy case sliced cheeses. In addition, through MCT See Microsoft certification. Dairies Inc., the company engages in the cheese and dairy products dairy products dairy npl → produits laitier dairy products dairy npl → Milchprodukte pl, Molkereiprodukte pl commodity trading business. CONTACT: Alpine Lace Brands Inc. Arthur Karmel, 201/378-8600 ext. 145 or KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Inc. Joseph A. Mansi/Adam Friedman 212/682-6300 ext. 205/215 |
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