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JETRONIC INDUSTRIES REQUESTS AMEX TRADING HALT

 JETRONIC INDUSTRIES REQUESTS AMEX TRADING HALT
 PHILADELPHIA, Oct. 30 /PRNewswire/ -- Daniel R. Kursman, chairman


of Jetronic Industries, Inc. (AMEX: JET) announced today that he has requested that the American Stock Exchange continue a halt in the trading of the company's common stock pending completion of arrangements with the holders of its 10 percent and 14.5 percent convertible subordinated debentures, completion of its audit for the year ended Jan. 31, 1992, filing of its Form 10-K for the year ended Jan. 31, 1992, and filing of its Forms 10-Q for the periods ended April 30, 1992, and July 31, 1992.
 On Oct. 6, 1992, Jetronic reported the terms and conditions of arrangements reached with the holders of its debentures which, due to technical considerations, have been modified in certain key respects as outlined below.
 As previously reported, 422,610 shares of redeemable preferred stock will be immediately converted into 817,579 additional shares of common stock of the company.
 Under the new arrangements, the debentureholders will convert $2,776,000 principal amount of debentures into 447,208 shares of common stock of the company, which reflects conversion of an additional $455,000 principal amount of debentures and the issuance of approximately 293,000 less shares of common stock of the company. The conversion of the debentures will satisfy the company's mandatory redemption requirements through June 1994 as to the 10 percent convertible subordinated debentures and through December 1996 as to the 14.5 percent convertible subordinated debentures. After conversion, there will remain outstanding $3,856,000 principal amount of debentures which will continue on the same terms and conditions heretofore in effect.
 The revised program will impact the projected earnings reported in the Oct. 6, 1992 release. Based upon the original arrangements, the company would have reported a profit of $26,000 for the quarter ended April 30, 1992 and a profit of $164,000 for the quarter ended July 31, 1992. This level of operating income was achieved before provision for interest on the debentures for the period from Feb. 1, 1992, through July 31, 1992. Under the new arrangements, there will be a charge for debenture interest of $391,000 for the six-month period, so that the company will report a first quarter loss of $169,000 and a second quarter loss of $32,000. The company expects to report profitable earnings for the quarter ending Oct. 31, 1992.
 Under the revised arrangements, the company will report a net loss of $4,015,000 for the year ended Jan. 31, 1992 (a substantial part of which related to the liquidation and discontinuance of the company's retail furniture operation) which, before reflecting the revised arrangements, will result in a deficit common equity of approximately $2,469,000. After reflecting the revised arrangements, the new equity of the company, as adjusted, as at Jan. 31, 1992, will be $1 million.
 Upon completion of the new arrangements which is now expected by Nov. 16, 1992, Jetronic will have 3,722,000 shares of common stock issued and outstanding.
 Mr. Kursman said that the company's Form 10-K and Forms 10-Q are expected to be ready for filing on or about Nov. 16, 1992.
 The company does not fully meet all of the American Stock Exchange financial guidelines for continued listing. There can be no assurance that the company's listing on the American Stock Exchange will be continued. Management believes that completion of the new arrangements and the resumption of profitable operations will favorably impact the company's ability to satisfy American Stock Exchange guidelines.
 -0- 10/30/92
 /CONTACT: Leonard W. Pietrzak of Jetronic Industries, Inc., 215-482-7660/
 (JET) CO: Jetronic Industries, Inc. ST: Pennsylvania IN: SU:


KD-TS -- NY075 -- 7210 10/30/92 14:49 EST
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Date:Oct 30, 1992
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