ALBARA COMPLETES PRIVATE PLACEMENT OF DEBT
ALBARA COMPLETES PRIVATE PLACEMENT OF DEBT CONROE, Texas, Sept. 25 /PRNewswire/ -- Albara Corp.
(OTC Bulletin Board: ALAB) reported today that it has completed the private placement of $440,000 of debt by the issuance of its promissory notes to a group of lenders. The notes bear interest at 12 percent and will mature and be repayable 120 days after issuance. In connection with the private debt placement, the lenders were issued an aggregate of 220 shares of a new class of Series F Convertible Preferred Stock of Albara. Each share of Series F Convertible Preferred Stock is convertible into 100 shares of common stock of Albara. The private debt placement will provide additional working capital to Albara.
Albara, through its two operating subsidiaries, develops, publishes and markets computer hardware, software and peripherals for the Apple Macintosh microcomputer. Products are marketed via direct response resellers, authorized dealers and value added resellers. Albara has two operating subsidiaries, Micro Business Solutions Inc. ("MBSI") and NorthCon Technologies Inc. ("NCTI"). MBSI operates under the tradename "Hardware That Fits" and sells computer hardware and peripherals for the Macintosh microcomputer via the direct response market. In addition, MBSI markets its own line of hardware products that includes laser printers, a color printer, a color scanner, and both grayscale and color monitors under the "RealTech" tradename. NCTI currently markets one software product to computer dealers and mail order companies: Helix Express, a database which utilizes client-server architecture. The common stock of Albara is traded in the over-the-counter market and is listed in the Bulletin Board maintained by the National Quotation Bureau. -0- 9/25/92 /CONTACT: Holly Arbuckle of Albara, 409-539-2992/ (ALAB) CO: Albara Corp. ST: Texas IN: CPR SU:
MC -- DV002 -- 3404 09/25/92 08:45 EDT
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|Date:||Sep 25, 1992|
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