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NORWOOD PROMOTIONAL PRODUCTS, INC. INITIAL PUBLIC OFFERING

 AUSTIN, Texas, June 16 /PRNewswire/ -- Norwood Promotional Products, Inc. (NASDAQ-NMS: NPPI) announced its initial public offering today of 1,500,000 shares of common stock at a price of $11.00 per share. The common stock began trading on the NASDAQ National Market System under the trading symbol NPPI. Allen & Company Incorporated acted as managing underwriter of the offering.
 Concurrently with the offering, Norwood entered into a $15 million bank facility with The Frost National Bank of San Antonio. Frank P. Krasovec, chairman and chief executive officer of Norwood said that the proceeds from the offering and borrowings under the new bank facility will be used to repay indebtedness, provide additional working capital and funds for potential acquisitions.
 Norwood, through its wholly owned subsidiaries, Radio Cap Company and Barlow Specialty Advertising, Inc., supplies more than 300 types of custom-imprinted promotional products. The company's products include Koozie(R) drink insulators, headwear, writing instruments, mugs, pocket specialty items, awards and other promotional items. The company operates plants in San Antonio; Los Angeles; St. Paul, Minn. and Pittsburgh.
 -0- 6/16/93
 /CONTACT: Martin A. Naegelin Jr. of Norwood Promotional Products, Inc., 210-223-1115.
 (NPPI)


CO: Norwood Promotional Products, Inc. ST: Texas IN: SU: OFR

SM -- NY077 -- 2797 06/16/93 17:28 EDT
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Publication:PR Newswire
Date:Jun 16, 1993
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