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BELMAC'S REGISTRATION STATEMENT DECLARED EFFECTIVE; IMPLEMENTS SEVEN STEP AUSTERITY PLAN TO ACCELERATE COMPANY'S DRIVE TO PROFITABILITY

 TAMPA, Fla., Feb. 12 /PRNewswire/ -- Belmac Corporation (AMEX: BLM) announced today that its registration statement on Form S-3 has been declared effective by the Securities and Exchange Commission. Belmac now expects to have released from escrow approximately $1.7 million, before interest and expenses, from the October 1992 private placement.
 Michael M. Harshbarger, president and chief operating officer said, "This infusion of capital will allow the company more flexibility in implementing its strategic plan for 1993." In addition, he has announced a seven step austerity program to accelerate the company's drive to profitability. The most significant element of this program is a substantial reduction of salaries at the senior executive level, including his own.
 The combination of funds available from this offering coupled with the austerity program, provides a sound financial footing from which the company can continue to implement Phase I of its strategic plan. This phase calls for continued growth, but with a focus on profits.
 Belmac Corporation is an international pharmaceutical company based in Tampa, Fla.
 -0- 2/12/93
 /CONTACT: Michael D. Price of Belmac Corporation, 813-286-4401; or Harry Costello of Hill and Knowlton, 813-221-0030, for Belmac Corporation/
 (BLM)


CO: Belmac Corporation ST: Florida IN: MTC SU:

JB-JJ -- FL010 -- 6215 02/12/93 14:38 EST
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Publication:PR Newswire
Date:Feb 12, 1993
Words:210
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