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FLORIDA PROGRESS ANNOUNCES NEW STOCK PURCHASE PLAN FOR FLORIDA RESIDENTS

 FLORIDA PROGRESS ANNOUNCES NEW STOCK PURCHASE PLAN
 FOR FLORIDA RESIDENTS
 ST. PETERSBURG, Fla., Feb. 24 /PRNewswire/ -- Florida Progress Corporation (NYSE: FPC) today announced several major changes to its stock purchase plan. One of these changes allows the company to offer its low-cost investment plan to nonshareholders in Florida. Under the new plan, state residents, who are not already shareholders or employees, now can buy common stock directly from the company. Florida Progress in one of only a few publicly held companies in the country to provide such a program to nonshareholders.
 Registered shareholders of the company's common stock and employees of the company and its subsidiaries also continue to be eligible for the new plan.
 About two-thirds of the company's outstanding shares of common stock are held by individual investors, and many of these investors live in Florida. As a result, Florida Progress has been developing new programs to better serve individual investors in Florida's growing population.
 "We designed our new stock plan to make it easier for Floridians to become Florida Progress shareholders," said David R. Kuzma, the company's senior vice president and chief financial officer. "Many people have told us they want the flexibility of buying stock directly from us."
 Kuzma said developing new services for retail investors also makes good business sense for Florida Progress. Through the plan, the company offers a cost-effective service to investors, while at the same time, raising new equity capital without high administrative costs.
 Kuzma said the company's new plan is called the Progress Plus Stock Plan because it gives participants something extra. Shareholders can automatically reinvest all or a portion of dividends and make direct cash purchases of additional shares of common stock. And, participants in the plan can now make cash investments up to $100,000 annually. In the past, cash investments were limited to $2,000 a month.
 Another new feature of the plan provides a safekeeping service for stock certificates. This service eliminates the risk of shareholders losing certificates.
 Kuzma said the Progress Plus Stock Plan is only one part of the company's overall investor relations program geared toward the individual investor. Of course, the common stock of Florida Progress is available through brokerage firms and the company continues to provide materials to assist these firms in marketing the company's securities.
 The Progress Plus Stock Plan replaces the company's dividend reinvestment and stock purchase plan, which has been in existence since 1975. The company has established a toll-free telephone number for investors to call for a plan prospectus, enrollment forms and more information about the plan. The number is 800-352-1121.
 Florida Progress is a diversified utility holding company with assets of $5 billion. Its principal operating company is St. Petersburg-based Florida Power Corporation, the state's second largest electric utility. Diversified operations include coal mining and transportation, life insurance and financial services.
 -0- 2/24/92
 /CONTACT: Sally Everett of Florida Progress Corporation, 813-824-6440/
 (FPC) CO: Florida Progress Corporation ST: Florida IN: UTI SU:


SS-JJ -- FL011 -- 1977 02/24/92 14:36 EST
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Publication:PR Newswire
Date:Feb 24, 1992
Words:504
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