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COSMO COMMUNICATIONS CORPORATION ANNOUNCES FINANCINGS

 MIAMI, Jan. 8 /PRNewswire/ -- Cosmo Communications Corporation (NASDAQ: CSMO) today announced that Amancio Victor Suarez, its major shareholder, has agreed to convert approximately $1,200,000 of demand loans made by him to the company into a 7 1/2 percent Cumulative Redeemable Preferred Stock redeemable on or before Jan. 1, 1998. Additionally, the company announced the sale of 2 million shares of the company's common stock to three private investors for approximately $400,000 and the personal guarantee by the investors of a $1,200,000 loan from a financial institution to Cosmo Worldwide Corporation, a newly created subsidiary of the company, that will concentrate in the development of business in Latin America.
 The company also announced that it has extended its asset-based, secured line of credit with Congress Financial through Dec. 31, 1993.
 In an unrelated matter, the company also stated that it has asked NASDAQ for a temporary exemption from its delisting requirements sh?e company can implement a plan to comply with those requirements. This request is expected to be decided by NASDAQ in the near term.
 -0- 1/8/93
 /CONTACT: Andy Neckowitz of Cosmo Communications, 305-621-4227/
 (CSMO)


CO: Cosmo Communications Corporation ST: Florida IN: SU:

AW-JB -- FL011 -- 3114 01/08/93 15:11 EST
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Publication:PR Newswire
Date:Jan 8, 1993
Words:210
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