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BOWMAR INSTRUMENT CORP. ANNOUNCES INFORMATION ON EXCHANGE OFFER

 BOWMAR INSTRUMENT CORP. ANNOUNCES INFORMATION ON EXCHANGE OFFER
 PHOENIX, Sept. 21 /PRNewswire/ -- Bowmar Instrument Corp. (AMEX: BOM) today again stated that the offer to exchange 40 shares of senior voting cumulative convertible preferred stock for each $1,000 principal amount of convertible subordinated debentures is scheduled to expire at 5 p.m. today (Monday, Sept. 21). The company further wants to emphasize that there is a five-business-day broker protection. This means that all bonds, including those purchased on the market through the close of business today (Monday, Sept. 21, 1992), are acceptable for exchange after submission prior to 5 p.m. today (Sept. 21) to American Stock Transfer & Trust Co. of the notice of guaranteed delivery form.
 As previously announced, Bowmar is offering 40 shares of convertible preferred stock for each $1,000 principal amount of convertible debentures, and the convertible preferred stock will have an annual cumulative dividend of $2.44, yielding approximately 9.76 percent. The convertible preferred stock is not subject to mandatory redemption and will be non-callable until Jan. 1, 1998, and will be callable thereafter only at the company's option.
 The company is offering to exchange up to $3.5 million principal amount of debentures, and the exchange is conditioned upon at least $2.5 million principal amount being tendered to the exchange agent, American Stock Transfer Co. The company reserves the right to accept more than $3.5 million principal amount of debentures if submitted for exchange. At the present time there are approximately $5.4 million principal amount of debentures outstanding.
 Bowmar, which is headquartered in Phoenix, manufactures and sells electronic and electromechanical products with specific applications in the aerospace, electronic, computer and communications industries. The company's manufacturing facilities are located in Fort Wayne, Ind., and Phoenix.
 -0- 9/21/92
 /CONTACT: Thomas K. Lanin of Bowmar Instruments, 602-957-0271/
 (BOM) CO: Bowmar Instrument Corp. ST: Arizona IN: CPR SU:


LS-JB -- LA002 -- 1502 09/21/92 09:04 EDT
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Publication:PR Newswire
Date:Sep 21, 1992
Words:325
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