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UNIVERSAL INTERNATIONAL ANNOUNCES COMPLETION OF A PRIVATE PLACEMENT, AN ACCELERATION OF ITS 1992 EXPANSION PLANS AND ADDITIONS TO MANAGEMENT

UNIVERSAL INTERNATIONAL ANNOUNCES COMPLETION OF A PRIVATE PLACEMENT, AN

ACCELERATION OF ITS 1992 EXPANSION PLANS AND ADDITIONS TO MANAGEMENT
 MINNEAPOLIS, Jan. 27 /PRNewswire/ -- Universal International, Inc. (NASDAQ: UNIV), today completed the sale of 1,000,000 shares of its common stock in a private placement for $12,625,000. The shares were purchased by institutional investors in a transaction placed by Wessels, Arnold & Henderson. The proceeds of the offering will be used to repay the company's line of credit and to support the expansion of its "Only Deals" retail concept. In conjunction with the funding Universal announced that it will increase its goal of new store openings to 30 stores in 1992 up from its previously announced 20 stores.
 The 1,000,000 shares of common stock represent approximately 21 percent of the company's 4,748,200 common shares outstanding after the private placement. Due to the expected increase in revenues through expanded operations, the additional shares are expected to have only a minor dilutive impact on earnings per share in 1992.
 Universal also announced the addition of Mark Bartholomay and Robert Langer to its management staff. Bartholomay will join the company Feb. 3 as vice president - CFO with a background including both accounting and investment banking. His current position is vice president corporate finance with Craig-Hallum, Inc., a Minneapolis-based regional brokerage firm. He began his career with the accounting firm of Touche Ross & Co. Langer joined the company Jan. 20 as director of operations - "Only Deals" Inc. His background includes director of the retail division of Lieverman Enterprises Inc. which grew from zero to 65 stores in three and one-half years. Prior to that Langer was with The Musicland Group for 15 years where he was director of operations.
 Mark Ravich, chief executive officer, in announcing the financing and the additions to management said: "We are very pleased to add individuals of the caliber of Mssrs. Bartholomay and Langer to our management team as we prepare for the expansion in 1992. These additions and the capital raised in our private placement position us to expand our "Only Deals" concept aggressively in 1992."
 Universal International, Inc. is one of the nation's oldest and largest buyers and sellers of quality close-out merchandise at the wholesale level and operates a chain of "Only Deals" retail stores that offer merchandise priced from $1.00 to $10.00.
 -0- 1/27/92
 /CONTACT: Mark Ravich of Universal International, 612-533-1169/
 (UNIV) CO: Universal International Inc. ST: Minnesota IN: SU:


AL -- MN017 -- 3962 01/27/92 17:53 EST
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Publication:PR Newswire
Date:Jan 27, 1992
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