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ACTON CORPORATION ANNOUNCES CONTRACT FOR SALE OF MARYLAND CABLE SYSTEM

 RALEIGH, N.C., Sept. 24 /PRNewswire/ -- Acton Corporation -- (AMEX: ATN), $3.75 Cumulative Preferred Stock (ATNPR) -- today announced that it has singed an agreement to sell its cable television ("CATV") assets located in Anne Arundel County, Md., to InterMedia Partners III, L.P., located in San Francisco, Calif. The CATV assets to be sold comprise the company's only remaining CATV system with approximately 44,000 subscribers.
 The contract, which is subject to the buyer's ability to obtain financing, specifies a sale price of $76 million, subject to closing adjustments, and is expected to produce a pre-tax gain of approximately $47.5 million. The estimated pre-tax gain is $18.69 per share on a primary basis and $15.43 per share on a fully diluted basis. The transactions subject to local governmental approval of the cable franchise transfer and the notification requirements under the Hart-Scott Rodino Antitrust Improvements Act of 1976. Closing is expected in November or December, 1993.
 Acton Corporation is primarily engaged in specialized automobile insurance underwriting, manufacturing, real estate development and the operation of the cable television system.
 -0- 9/24/93
 /CONTACT: Richard A. Leonard, Secretary of Acton Corporation, 919-781-5611/
 (ATN)


CO: Acton Corporation; InterMedia Partners III, L.P. ST: North Carolina, Maryland, California IN: INS TLS SU:

MM -- CH007 -- 5460 09/24/93 13:54 EDT
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Publication:PR Newswire
Date:Sep 24, 1993
Words:220
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