Barringer completes $1MM offering for doubling of production and payment of its debentures.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)--July 15, 1996--Barringer Technologies (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 ) today announced that it has completed the sale of $1,000,000 of its 6% convertible subordinated debentures, due 1997, in a private transaction to institutional investors with members of management subscribing to $100,000 of the offering. The debentures are due July 9, 1997 and are convertible into shares of the company's common stock at the rate of $2.75 per share of common stock. Interest is payable semi-annually. The company will utilize the proceeds of this transaction to pay the balance on its 12 1/2% convertible subordinated debentures, due July 15, 1996 in the amount of $300,000. The remaining proceeds will be added to the company's working capital and be used to double production of its IONSCAN(R) drug and explosives detector in the second half of 1996. Stanley Binder, president and chief executive officer stated that "the growing acceptance of the company's IONSCAN(R) instrumentation and the increasing demand in the international market place for drug and explosives detection capability has generated a record level of customer order activity requiring the company to double its production for the remainder of the year to meet anticipated orders. This interim financing Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. allows the company to accomplish this goal as well as meet its obligation to pay the remaining amount due on its existing 12 1/2% convertible subordinated debenture." Binder further stated that "as the world's leading provider of both drug interdiction and anti-terrorist explosives detectors we believe we offer attractive solutions to customers seeking this type of instrumentation." Headquartered in New Providence, Barringer Technologies Inc. is a holding company that through its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. develops, manufactures and markets specialty analytical instruments for drugs and explosives detection, exploration and environmental monitoring applications. CONTACT: Barringer Technologies Inc., New Providence 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. Richard S. Rosenfeld, CFO See Chief Financial Officer. 908/665-8200 |
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