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2,250,000 NATIONAL PICTURE & FRAME COMPANY INITIAL COMMON SHARES OFFERED AT $10.50 PER SHARE

 GREENWOOD, Miss., Oct. 5 /PRNewswire/ -- William Blair & Company and Morgan Keegan & Company, Inc., co-managers of the underwriting group, announced today the initial public offering of 2,250,000 shares of National Picture & Frame Company (NASDAQ-NMS: NPAF) common stock at $10.50 per share. All of the shares are being sold by the company. The selling stockholders have granted the underwriters a 30-day option to purchase up to 337,500 additional shares to cover over-allotments, if any.
 Net proceeds to the company will be used primarily for the repayment of debt, redemption of preferred stock, and the expansion of existing facilities.
 The common stock of National Picture & Frame Company will trade on the NASDAQ National Market System under the symbol NPAF.
 Headquartered in Greenwood, National Picture & Frame Company designs, manufactures and markets a wide variety of picture frames, framed mirrors and framed art for sale primarily through major mass merchant retailers.
 This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 10/5/93
 /CONTACT: Jesse C. Luxton, president and CEO of National Picture & Frame Company, 601-453-6686; or Matthew Ankrum of William Blair & Company, 312-236-1600/
 (NPAF)


CO: National Picture & Frame Company ST: Mississippi IN: SU: OFR

KE -- DE029 -- 8990 10/05/93 15:36 EDT
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Publication:PR Newswire
Date:Oct 5, 1993
Words:248
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