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UNDERWRITERS ANNOUNCE INITIAL PUBLIC OFFERING OF EQUITRAC CORPORATION AT $11 PER SHARE

 UNDERWRITERS ANNOUNCE INITIAL PUBLIC OFFERING
 OF EQUITRAC CORPORATION AT $11 PER SHARE
 NEW YORK, June 12 /PRNewswire/ -- Dean Witter Reynolds Inc. and Raymond James & Associates, Inc., as co-managers of the underwriting group, announced today the initial public offering of 1,500,000 shares of common stock of Equitrac Corporation at a price of $11 per share. The stock will be traded on the NASDAQ National Market System under the symbol ETRC. Of the shares being offered, 1,000,000 are being offered by the company and 500,000 are being offered by the selling shareholders. Certain of the selling shareholders have granted the underwriters an option to purchase up to an additional 225,000 shares to cover over-allotments.
 Equitrac Corporation, headquartered in Coral Gables, Fla., is the leading provider of computer systems solutions to law firms for automated cost recovery and expense management of office equipment. The company's systems automatically track, record and report usage of such items as photocopy machines, facsimile machines, laser printers, word processing terminals, telephones and postage meters. Net proceeds to the company from the offering will be used for the repayment of debt and for working capital and other general corporate purposes.
 -0- 6/12/92
 /CONTACT: Scott Modist of Equitrac Corporation, 305-442-2060/
 (ETRC) CO: Equitrac Corporation ST: Florida IN: SU: OFR


KD -- NY019 -- 9586 06/12/92 10:05 EDT
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Publication:PR Newswire
Date:Jun 12, 1992
Words:226
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