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HILLSIDE BEDDING, INC. RECEIVES $4.2 MILLION NET PROCEEDS FROM IPO; COMPLETES ACQUISITION OF 11 FRANCHISED STORES

 BRONX, N.Y., March 2 /PRNewswire/ -- Hillside Bedding, Inc. (NASDAQ: BEDS), announced today that it has received net proceeds of approximately $4.2 million at the closing of its initial public offering of 310,000 units. Hillside also completed today its planned acquisition of 11 franchised stores on Long Island, which will increase the number of company-owned stores in the New York Metropolitan Area to 31. The Long Island stores, in Nassau and Suffolk Counties, had been owned and operated by G-MAT Dist., Inc., as Hillside's exclusive area representative under agreements which have been terminated. Franchise agreements with owners of an additional ten stores in the Metropolitan Area remain in effect.
 Morton Swirsky, vice president-finance, said, "We are pleased to have completed our initial public offering and to have commenced the expansion of company-owned stores in the New York Metropolitan Area." Mr. Swirsky also said that he knows of no reason for the decline in the price of the company's common stock, warrants and preferred stock units on Friday, Feb. 26, 1993.
 -0- 3/2/93
 /CONTACT: Robert Martire, president, or Morton Swirsky, CFO of Hillside Bedding, 718-597-3300/
 (BEDS)


CO: Hillside Bedding, Inc. ST: New York IN: REA SU: OFR TNM

GK-KW -- NY034 -- 1851 03/02/93 10:15 EST
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Publication:PR Newswire
Date:Mar 2, 1993
Words:210
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