Printer Friendly

LONGWOOD GROUP FILES REGISTRATION STATEMENT WITH SEC FOR PUBLIC OFFERING

LONGWOOD GROUP FILES REGISTRATION STATEMENT WITH SEC FOR PUBLIC OFFERING
 NEW YORK, May 5 /PRNewswire/ -- The Longwood Group, Ltd. (NASDAQ: LONG), announced that it had today filed with the Securities and Exchange Commission a Form S-1 registration statement relating to a proposed underwritten public offering of 2 million units, each consisting of two shares of common stock and two common stock purchase warrants. While the pricing of such units (for which there is no present market) will be determined immediately prior to the effectiveness of the registration statement, it is presently anticipated that the units will be offered at a price ranging from $2.50 to $4.00, giving effect to the one-for-three reverse stock split described below.
 The common stock and the warrants included in the units will not be separately tradeable or transferable until one year after the effective date of the registration statement or such earlier date as the underwriter may determine. The underwriting is to be managed by Chatfield Dean & Co., Inc. and is expected to commence within the next 60 days.
 According to John A. Selzer, chief executive officer of the company, the company is proceeding with the previously announced acquisition of Mandel-Kahn Industries, Inc., a Texas-based service merchandising business similar to the company's C-B/Murray Corporation subsidiary acquired earlier this year. Part of the proceeds from the proposed offering will be used to finance the acquisition. The balance of the proceeds will be used to repay certain outstanding long-term debt of the company.
 The company also announced that, by approval of the holders of a majority of its common stock, the company will change its name to "DRS Industries, Inc." to reflect that the company's primary business had changed to service merchandising from the development and management of retirement communities. The company's majority stockholders also approved a one-for-three reverse stock split and several bylaw amendments which, among other things, will establish a classified board of directors. A company spokesman indicated that the name change, the stock split and the bylaw amendments are all expected to become effective on May 26, 1992, and that an information statement describing these actions was mailed yesterday to the company's stockholders.
 The proposed offering will be made only by means of a prospectus, which is not being distributed at this time.
 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 press release 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 or qualification under the securities laws of any such state.
 -0- 5/5/92
 /CONTACT: John A. Selzer, CEO, or John D. Gioioso of Longwood Group, 212-980-9670/
 (LONG) CO: The Longwood Group, Ltd. ST: New York IN: SU: FOR


GK-OS -- NY083 -- 6683 05/05/92 15:10 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 5, 1992
Words:517
Previous Article:THRIFT DRUG TO SPONSOR FIRST TRIPLE CROWN OF U.S. CYCLING
Next Article:AMERICA ONLINE REPORTS THIRD QUARTER SERVICE REVENUES INCREASE 42 PERCENT


Related Articles
The three steps to going public.
PROTEIN DESIGN LABS INC. FILES REGISTRATION STATEMENT WITH SEC
COLTEC INDUSTRIES FILES INITIAL PUBLIC OFFERING
LONGWOOD GROUP TO ACQUIRE MANDEL-KAHN INDUSTRIES STOCK
THE LONGWOOD GROUP REPORTS RESULTS
ANERGEN ANNOUNCES FINANCING PLANS
Berkshire Income Realty, Inc. to Commence Exchange Offers.
Telematics Provider ATX Files Form S-1 Registration.
Liquid Audio Reports Results of Annual Meeting.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters