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WESCO AUTO PARTS COMPLETES PLACEMENTS, APPOINTS VICE CHAIRMAN

 WESCO AUTO PARTS COMPLETES PLACEMENTS, APPOINTS VICE CHAIRMAN
 WEST COVINA, Calif., July 28 /PRNewswire/ -- Wesco Auto Parts Corporation (NASDAQ: WSCO) announced today that it has completed placements of an aggregate of 2,498,031 shares of its common stock, at a price of $2 per share.
 Also, in a separate development, Wesco issued 422,106 shares of common stock in June upon the exercise of an option granted in October 1991 to purchase such shares at a price of $1 per share.
 These transactions resulted in aggregate net proceeds to Wesco of approximately $5,000,000. Wesco intends to use these proceeds for working capital purposes, including the opening and operation of additional stores. Of the shares sold in the placements, 2,101,513 shares were sold to non-U.S. persons under Regulation S of the Securities Act of 1933 and 396,518 shares were sold in the United States in a private placement.
 In connection with the placements, Wesco issued 127,500 shares of its common stock, three-year warrants to purchase 250,000 shares of common stock at an exercise price of $3.25 per share, and three-year warrants to purchase 60,800 shares at an exercise price of $3.625 per share to certain persons who assisted in the placements.
 Wesco also announced the appointment of Gordon Werner, a member of Wesco's board of directors since October 1991, to the newly created position of vice chairman of the board. As vice chairman, Werner will work with Wesco's chairman and chief executive officer, Allen J. Sheerin, and its president, John C. Carlson, in developing strategic planning for the company, effective June 30, 1992.
 Wesco operates stores which sell automotive aftermarket parts, products and accessories to both do-it-yourself and commercial customers. Wesco currently operates five stores in Southern California and expects to open a sixth store in August 1992. The company has also signed additional leases for two more stores in Long Beach and Fullerton, Calif., which the company expects to open during the fiscal quarter ending Dec. 31, 1992.
 -0- 7/28/92
 /CONTACT: Jeff Silver of Wesco, 818-814-1541; or Michelle Sotnikow of Howard Bronson & Company, 212-867-6160, for Wesco/
 (WSCO) CO: Wesco Auto Parts Corporation ST: California IN: REA SU: PER


GK-PS -- NY074 -- 4203 07/28/92 15:25 EDT
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Publication:PR Newswire
Date:Jul 28, 1992
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