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CRAY COMPUTER ANNOUNCES PRIVATE EQUITY FINANCING

 COLORADO SPRINGS, Colo., June 1 /PRNewswire/ -- Cray Computer Corp. (NASDAQ-NMS: CRAY) announced today a $23 to $29 million sale of its unregistered shares of common stock to institutional and private investors. The company expects to close and finalize the financing by June 11, 1993. The proceeds of the financing will provide substantial new working capital for continued manufacturing and marketing of the CRAY-3 supercomputer. The company's placement agent is Montgomery Securities of San Francisco.
 The company will sell between 9,818,182 and 12,418,182 unregistered shares of its common stock to institutional investors at a price of $2.25 per share, and 1,818,182 unregistered shares of its common stock to Seymour R. Cray, chairman and chief executive officer, at a price of $2.75 per share. The company will undertake to register the shares sold in this offering with the Securities and Exchange Commission 60 days after the closing.
 The shares sold in this offering have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States or to United States persons except pursuant to registration under the Act or an exemption from such registration.
 Cray Computer is engaged in the design, development, manufacture and marketing of the CRAY-3 and CRAY-4 supercomputer systems.
 -0- 6/1/93
 /CONTACT: Terry Willkom or William Skolout of Cray Computer, 719-579-6464; or David Gould or Bruce LeBoss of Hill and Knowlton, 408-496-6511, for Cray Computer/
 (CRAY)


CO: Cray Computer Corp. ST: Colorado IN: CPR SU:

MC -- DV003 -- 4027 06/01/93 14:21 EDT
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Publication:PR Newswire
Date:Jun 1, 1993
Words:263
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