ACQUISITION GROUP COMPLETES PHONETICS, INC. MERGER
ACQUISITION GROUP COMPLETES PHONETICS, INC. MERGER ASTON, Pa., Dec. 12 /PRNewswire/ -- Phonetics, Inc. (OTC) announced
today its merger with a company recently formed by a group consisting of Kenneth E. Blanchard, Phonetics' president and chairman of the board; Steven V. Sanislo Jr., formerly a director and a substantial stockholder of Phonetics; and John H. Toal, formerly a director of Phonetics.
Under the terms of the transaction, which was approved by Phonetics' stockholders at a special meeting held yesterday, each stockholder of Phonetics other than the acquiring group is now entitled to receive $.55 in cash for each share of common stock held. Letters of transmittal and instructions to be followed in order to obtain cash payments the stockholders are entitled to receive are being mailed to all stockholders of Phonetics. /delval/ -0- 12/12/91 /CONTACT: Kenneth E. Blanchard, president and board chairman of Phonetics, 215-558-2700/ CO: Phonetics, Inc. ST: Pennsylvania IN: SU: TNM
KA-LJ -- PH009 -- 1819 12/12/91 09:41 EST