Colonial Commercial Corp. Sells 600,000 Common Shares in Private Placement; Retires 592,730 Convertible Preferred Shares.Business Editors HICKSVILLE, N.Y.--(BUSINESS WIRE)--Feb. 12, 2004 Colonial Commercial Corp. ("CCOM CCOM Cheshil.com CCOM Conference Council on Ministries (United Methodist Church) CCOM Chicago College of Osteopathic Medicine CCOM Conseil Canadien des Organismes de Motoneige CCOM Call Center Operations Management CCOM Center of Coastal Ocean Mapping " and "CCOMP") (Colonial) announced today that it sold 600,000 shares of its common stock in a private placement at $0.60 per share. Bernard Korn and William Pagano each purchased 165,000 of these shares. Mr. Korn is Chairman and President of the Company and Mr. Pagano is a director of the Company and President of Universal Supply Group, Inc., which is wholly owned by the Company. The Company used substantially all of the proceeds from the private placement to purchase 592,730 shares of escheated 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". at $0.60 per share from the State of Ohio. The Company has retired these convertible preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. . After giving effect to these transactions, there are outstanding 3,005,794 shares of common stock and 871,527 shares of convertible preferred stock. Colonial's operations are conducted through its wholly-owned subsidiary, Universal Supply Group, Inc., a 60+ year old company, which distributes climate control systems and heating and air conditioning equipment to heating, ventilating ventilating Natural or mechanically induced movement of fresh air into or through an enclosed space. The hazards of poor ventilation were not clearly understood until the early 20th century. Expired air may be laden with odors, heat, gases, or dust. and air conditioning (HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free ) contractors, who, in turn, sell such products to residential and commercial/industrial customers. Headquartered in New Jersey, Universal operates out of 11 locations: (8) in New Jersey, (2) in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and (1) in Pennsylvania. In addition to its approximately 500 different products, Universal also provides control system design, custom control panel fabrication, technical field support, in-house training and climate control consultation for engineers and installers. It is a leader in the design of direct digital control systems and systems which control multi-location facilities utilizing the Internet. |
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