Barringer Technologies Inc. sets effective date for one-for-four reverse stock split.NEW PROVIDENCE New Providence, city, United States New Providence, borough (1990 pop. 11,439), Union co., NE N.J.; settled c.1720, set off and inc. 1899. It is largely residential but has some light industry. Roses and fruit are grown there commercially. , N.J.--(BUSINESS WIRE)--Sept. 11, 1995--Barringer Technologies 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 SmallCap: BARR BARR Board on Agriculture and Renewable Resources (Washington, DC, USA) BARR Bureau of Aeronautics Resident Representative , BARRW) announced that it will effect a one-for-four reverse stock split (the ``Reverse Split'') of the company's Common Stock, par value 1 cent per share (the ``Common Stock''), as of 11:58 p.m. on Sept. 22, 1995 (the ``Effective Date''). Pursuant to the Reverse Split, the authorized number of shares of Common Stock will be reduced from 20 million shares to 5 million shares. Each holder of record at the close of business on the Effective Date will be entitled to receive, upon surrender of the certificate or certificates representing the shares of Common Stock prior to the Reverse Split, a new certificate or certificates representing the new number of shares of which he or she is the record owner Record Owner The stockholder of record as distinguished from the beneficial owner. after giving effect to the Reverse Split. In lieu of fractional shares Fractional share Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs. fractional share Less than one share of stock, that is, one-third or one-half a share. , stockholders will receive cash in an amount equal to the product of (a) the number of shares of the Common Stock held by such holder immediately prior to the Reverse Split which have not been classified into new shares, (b) multiplied by the average of the closing bid and closing asked prices of the Common Stock as reported on the NASDAQ Small Capitalization Market on the Effective Date. The company also announced that, upon effectiveness of the Reverse Split, each of its Series E Warrants will become exercisable for 1.0908 shares of Common Stock at an adjusted exercise price of $8.24 per share. The company has appointed American Stock Transfer & Trust Company as Exchange Agent to act for the holders of the Common Stock in connection with the Reverse Split. Stockholders will be provided with a letter of transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. for use in exchanging their old stock certificates for certificates representing the shares of Common Stock outstanding after giving effect to the Reverse Split. The Reverse Split was authorized by the company's stockholders at the company's Annual Meeting held on Aug. 30, 1995. Barringer Technologies Inc. is a holding company with three operating groups. Barringer Instruments develops, manufactures and markets speciality analytical instruments for drugs and explosives detection, exploration and environmental monitoring applications. Barringer Consumer Products, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control markets the Barringer DrugAlert System(TM), a home drug test and identification system. Barringer Laboratories Inc., 47 percent owned, provides analytical services to the environmental and minerals industries. CONTACT: Barringer Technologies Inc., New Providence Stanley Binder, President and Chief Executive Officer, 908/665-8200 Richard S Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a . Rosenfeld, Vice President Finance, Chief Financial Officer, 908/665-8200 |
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