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STATORDYNE CORP. ANNOUNCES COMPLETION OF INITIAL PUBLIC OFFERING

 ANAHEIM, Calif., June 22 /PRNewswire/ -- Statordyne Corp. announced today the completion of its initial public offering of 1,200,000 units at $3.00 per unit. Each unit is comprised of one share of common stock (the "common stock") of Statordyne, one common stock purchase warrant (the "warrants") and one put (the "puts"). The common stock and the puts will trade on the American Stock Exchange Emerging Company
Marketplace as a unit under the symbol "STY.P.EC." The warrants will trade separately under the symbol "STY.WS.EC."
 Two warrants plus $3.25 will be required to purchase one additional share of common stock. The warrants will expire at 5 p.m. New York City time on Dec. 21, 1993. Each put will enable the holder thereof to sell back, to Statordyne the attached share of common stock for $1.50. The puts will be exercisable for a period of 30 days, commencing Nov. 21, 1994, and will expire at 5 p.m. New York City time on Dec. 20, 1994.
 Statordyne also announced that the previously declared dividend of Statordyne common stock by its affiliate, Conversion Industries Inc. (AMEX: CVD), on the basis of one share of Statordyne common stock for every five shares of Conversion common stock will be made to Conversion shareholders of record as of July 1, 1993. To be entitled to receive the Statordyne dividend, a Conversion shareholder must beneficially own Conversion common stock until the ex-dividend date, which will be July 20, 1993. The common stock will trade separately under the symbol "STY.EC," and will commence trading on a "when issued" basis on July 1, 1993.
 Tamaron Investments Inc. of Englewood, Colo., is the managing underwriter of the offering. The offering was registered in California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Louisiana, Maryland, New Jersey, New York, Virginia and Washington D.C. With the exception of California, no more than 1,000 units can be purchased by non-accredited investors. In California, an investor can purchase an unlimited number of units as long as the investor has (i) annual income of at least $65,000, and a net worth of at least $250,000, exclusive of home, home furnishings and personal automobiles, or (ii) a net worth of at least $500,000, exclusive of home, home furnishings and personal automobiles.
 The proceeds of the offering will be used to retire debt, for marketing and promotional expenses, and for working capital.
 Statordyne, headquartered in Anaheim, is engaged in the design, manufacture and marketing of a line of proprietary products for the power quality, standby and no-break power service industries. Statordyne has an exclusive license on a patented power quality enhancement and generation technology that will protect power-sensitive facilities such as hospitals, telecommunications centers, automated factories and data processing sites against short-duration electrical power disturbances and long-term outages of utility power.
 -0- 6/22/93
 /CONTACT: James M. Moore, chairman of Statordyne, 714-704-1000; or William F. Coffin, president of Coffin Communications Group, 818-789-0300, for Statordyne/
 (CVD) CO: Statordyne Corp.; Conversion Industries Inc. ST: California IN: CPR SU: OFR DIV


BP-JL -- LA006 -- 4518 06/22/93 11:23 EDT
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Publication:PR Newswire
Date:Jun 22, 1993
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