CROWN LABORATORIES, INC. RAISES GROSS PROCEEDS OF $3.45 MILLION IN PRIVATE PLACEMENT.LAS VEGAS Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , NV--(BUSINESS WIRE)--NOVEMBER 29, 1994--CROWN LABORATORIES, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (AMEX AMEX See: American Stock Exchange Symbol: CLL CLL abbr. chronic lymphocytic leukemia CLL, n.pr See leukemia, chronic lymphocytic. CLL 1. Chronic lymphocytic leukemia 2. Cholesterol-lowering lipid ) today announced that the Company has completed an equity private placement of 60 Units, each Unit consisting of 25,000 shares of Common Stock at $2.00 per share and 12,500 warrants to purchase common stock at an exercise price of $3.00 per share. The warrants expire in December 1996. Additionally, the Company exercised an overallotment of nine (9) units. More than 80 investors were purchasers of the Units. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to Crown Labs were approximately $2.7 million. Mr. Craig Nash, Chief Executive Officer of CROWN LABORATORIES, INC. stated, "We are very pleased to announce the success of the private placement. The capital raised will be used toward the completion of construction of our new 62,000 square foot manufacturing facility in Las Vegas, Nevada, expected to open December 1994, as well as for additional working capital to accelerate the introduction of our new products." CROWN LABORATORIES, INC. is a manufacturer and marketer of a line of pharmaceutically balanced nutritional products and supplements designed for nursing home and hospital patients with special nutritional needs. The Company plans to market a combination of liquid and dry mixed products which meet a wide range of dietary and nutritional requirements nutritional requirements, n the food and liquids necessary for normal physiologic function. . CONTACT: Larry Rosenthal
Investor Relations
(800) 276-9615
or
Michele Fasano
Lippert/Heilshorn
(212) 838-3777
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion