American United Global announces public offering of Western Power subsidiary.DOWNEY, Calif.--(BUSINESS WIRE)--June 29, 1995--American United Global 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 :AUGI AUGI Autodesk Users Group International AUGI Área Urbanas de Génese Ilegal (Portugal) AUGI Autodesk User Group International ) Thursday announced completion of an initial public offering of 1.3 million shares of common stock of its Western Power & Equipment Corp. (NASDAQ:WPEC WPEC Wisconsin Professional Employees Council (Madison, WI) WPEC Windsor Park Equestrian Club (UK) ) subsidiary. C. Dean McLain, a director of AUGI and president and chief executive officer of Western Power, advised that the common stock offering was at $6.50 per share and provided Western Power with net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $7 million, which will be used primarily to reduce debt and for working capital. McLain indicated that the offering represented approximately 40 percent of the outstanding Western Power common stock and AUGI retains ownership of 2 million, or approximately 60 percent, of the outstanding shares. Western Power is engaged in the sale, rental and servicing of construction equipment, parts and related products which are manufactured primarily by Case Corp., one of the world's largest manufacturers of construction and agricultural equipment. Western Power is an authorized Case dealer through 13 retail distribution facilities located in Washington, Oregon, Nevada and Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern . CONTACT: American United Global Inc., Downey Robert M. Rubin/John M. Shahid/John M. Palumbo, 310/862-8163 |
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