Auto-Graphics Inc. Completes Private Placement of Stock To Investment Company.Business Editors POMONA, Calif.--(BUSINESS WIRE)--Feb. 23, 2000 Auto-Graphics Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:AUGR) reported that it had completed a private placement of its restricted Common Stock to an offshore investment company. The placement was for slightly less than 5% of Auto-Graphics, issued and outstanding Common Stock (1,532,578 shares issued and outstanding immediately after the sale and issuance of such new shares) at a price of $12.40 per share which was approximately 50% of the average daily trading price Trading price The price at which a security is currently selling. of the company's stock during the 30-day period prior to the stock purchase agreement with such buyer. Auto-Graphics indicated that the buyer purchased the stock for investment purposes only and did not seek any position on the board of directors or other involvement in the management of the company. The 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). from the offering of approximately $850,000 will be used by Auto-Graphics as working capital, including reduction of the company's revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. with Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank. Auto-Graphics previously announced a 3-for-1 stock split which will be completed as of the close of business on Feb. 25, 2000. The company's Common Stock will trade on the OTC BB market on Feb. 29, 2000, on a post split basis. As of the prior day's close of trading, the average bid and asked price of the company's stock was $25.50. |
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