Barringer Technologies files preliminary proxy materials; Completes private placement.NEW PROVIDENCE, N.J.--(BUSINESS WIRE)--June 30, 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 : BARR BARR Board on Agriculture and Renewable Resources (Washington, DC, USA) BARR Bureau of Aeronautics Resident Representative . BARRW) today announced that it has filed with the Securities and Exchange Commission its preliminary proxy materials Proxy Materials Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other for its annual shareholders meeting scheduled August 30, 1995. At the annual meeting, shareholders will consider and vote on the following proposals; (i) the election of directors; (ii) a one-for-four reverse stock split of the company's Common Stock, in which each four shares of issued Common Stock will be reclassified into one share of new Common Stock of the Company, and the number of authorized shares of Common Stock will be reduced by three-fourths; (iii) an increase in the number of authorized shares of Capital Stock of the company from 22,000,000 to 33,000,000 (or from 7,000,000 to 12,000,000 if the reverse stock split is approved) comprised of 28,000,000 shares of Common Stock (or 7,000,000 if the reverse stock split is approved), 1,000,000 shares of 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". , par value $1.25 per share and 4,000,000 shares of Preferred Stock, par value $2.00 per share; and, (iv) the ratification of the company's auditors. In addition, the company has completed the final phase of its previously announced private placement by selling an additional 28 units. Of the 28 units sold, 22 units were purchased by 7 of the company's officers and directors with the balance being purchased by 2 investors, at a purchase price of $6,000 per unit for an aggregate purchase price of $168,000. Each unit consists of 10,000 shares of common stock and a five-year warrant to purchase 10,000 shares of the company's common stock at $.50 per share, subject to certain anti-dilutive provisions. When combined with the 125 units sold on May 9, 1995, the total proceeds of the Private Placement aggregated $918,000. The proceeds have been added to working capital. Headquartered in New Providence, Barringer Technologies Inc. is a holding company with three operating groups. Barringer Instruments develops, manufactures and markets specialty analytical instruments for drugs and explosives detection, exploration and environmental monitoring applications. Barringer Consumer Products markets an in-home drug detection and identification system. Barringer Laboratories Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : BALB BALB Bagg Albino (inbred research mouse strain) ), 47% owned, provides analytical services for the environmental and minerals industries. CONTACT: Barringer Technologies Inc. Stanley Binder, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. or Richard S. Rosenfeld, CFO See Chief Financial Officer. 908/665-8200 |
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