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GLOBAL ENVIRONMENTAL CORP. ANNOUNCES OFFERING

 PLUMSTEADVILLE, Pa., Feb. 12 /PRNewswire/ -- Global Environmental Corp. (NASDAQ: GLEN) announced today that it had signed an agreement with an investment banking firm that provides for that firm to use its best efforts to raise up to $1.5 million of equity financing for Global through a private placement of Global's common stock.
 Ward Schultz, Global's chief financial officer, said that while Global anticipates completing the offering within 90 to 120 days, there can be no assurance that all or any part of the equity financing will be obtained. Schultz also said the proposed equity financing is pursuant to Global's previously announced plan to obtain the financing needed to refinance certain debt obligations maturing in the third quarter of Global's current fiscal year and to provide the additional working capital needed to sustain the company's operations.
 /delval/
 -0- 2/12/93
 /CONTACT: William V. Rice, chairman and CEO of Global Environmental, 215-766-2730/
 (GLEN)


CO: Global Environmental Corp. ST: Pennsylvania IN: SU: OFR

MK-MJ -- PH023 -- 6244 02/12/93 15:25 EST
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Publication:PR Newswire
Date:Feb 12, 1993
Words:171
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