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BELMAC CORPORATION COMMENTS ON STOCK PRICE

 TAMPA, Fla., Feb. 9 /PRNewswire/ -- Belmac Corporation (AMEX: BLM) announced today it does not know why more than 223,000 shares were sold on Monday, driving the stock price down $1 per share, closing at 3-5/8.
 Michael M. Harshbarger, president and chief operating officer, said the company is very disappointed in the reaction of investors, just one trading day after the company's annual meeting. "Belmac's management and directors were very frank in their discussion about the company's strategic and tactical plans. We presented a clear plan of direction for moving the company and its drug portfolio forward. In addition, Belmac currently has annualized revenues of $20 million," he said.
 Harshbarger said the company has also asked the American Stock Exchange to scrutinize trading to determine if their has been any irregularities. "If we find there is a problem, Belmac intends to take immediate action," he added.
 Belmac Corporation is an international pharmaceutical company based in Tampa, Fla.
 -0- 2/9/93
 /CONTACT: Michael D. Price of Belmac Corporation, 813-286-4401; or Harry Costello of Hill and Knowlton, 813-221-0030, for Belmac Corporation/
 (BLM)


CO: Belmac Corporation ST: Florida IN: MTC SU:

JB-SS -- FL009 -- 4685 02/09/93 12:53 EST
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Publication:PR Newswire
Date:Feb 9, 1993
Words:199
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