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GLACIER WATER ANNOUNCES RECORD DATE FOR ANNUAL MEETING AND FILING OF REGISTRATION STATEMENT

 OCEANSIDE, Calif., March 25 /PRNewswire/ -- Duke Bushong, president and chief executive officer of Glacier Water Services, Inc. (the "Company") (AMEX: HOO), announced today that the board of directors has set April 26 as the record date for determining the stockholders entitled to vote at the Company's annual meeting expected to be held in June.
 In addition, Bushong announced that the Company has filed a Registration Statement with the Securities and Exchange Commission registering the sale by certain existing stockholders of an aggregate of 633,520 shares of common stock. The registration is being conducted in connection with a Stock Purchase Agreement dated as of March 24, whereby the selling stockholders agreed to sell, and 11 investors agreed to purchase, the shares at a purchase price of $11.75 per share. The sale of the shares is subject to the offering being declared effective and certain other conditions. The Company will not receive any proceeds from the offering.
 Each of the selling stockholders is an affiliate of Loeb Partners Corporation, a private investment banking firm. Thomas L. Kempner, chairman and chief executive officer of Loeb Partners, and Peter T. Dixon, senior executive vice president of Loeb Partners, currently serve on the Company's board of directors. Dixon serves as chairman of the board. Upon the sale of the shares, Kempner and Dixon and John H. Stevenson have agreed to resign from the board of directors of the Company, and certain of the selling stockholders have agreed to grant to the purchasers an irrevocable proxy to vote their shares representing 628,470 or approximately 19.4 percent of the outstanding common stock.
 The purchasers consist of certain affiliates and clients of Kayne Anderson Investment Management Company, Inc., a Los Angeles-based registered investment advisor. As of March 23, four of the purchasers owned an aggregate of 317,800 or approximately 9.8 percent of the outstanding common stock. None of the other purchasers owned any common stock as of such date. Upon the purchase of the shares being registered, the purchasers will own an aggregate of 951,320 shares or approximately 29.4 percent of the outstanding common stock.
 Currently, the board of directors of the Company consists of six directors, including Jerry R. Welch, managing director and vice president of Kayne Anderson. Following the sale of the shares, the board of directors intends to appoint Welch as chairman of the board to replace Dixon. The board of directors intends to replace two of the vacancies on the board by appointing as directors Timothy G. Clark, managing partner of Hankin & Co., a Los Angeles-based business advisory firm, and Robert V. Sinnott, managing director and vice president of Kayne Anderson.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration and qualification under the securities laws of any such state. A written prospectus relating to these securities may be obtained from Kathleen Fisher, Chief Financial Officer, Glacier Water Services, Inc., 3219 Roymar Road, Oceanside, CA 92054; telephone: 619-433-4072.
 The Company is a leading provider of low-price, high-quality drinking water dispensed to consumers through coin-operated, self- service vending machines that are designed, developed and assembled by the Company. The Company's machines are currently located at supermarkets and other retail locations in California, Arizona, Nevada, Texas and Florida.
 -0- 3/25/93
 /CONTACT: Duke Bushong, president and CEO of Glacier Water, 619-433-4072/
 (HOO)


CO: Glacier Water Services, Inc. ST: California IN: SU: OFR

BN-BR -- SD002 -- 9453 03/25/93 09:41 EST
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Publication:PR Newswire
Date:Mar 25, 1993
Words:651
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