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BRAJDAS TO MERGE WITH PRINCIPAL SHAREHOLDER AND REINCORPORATE IN DELAWARE

 GARDEN GROVE, Calif., July 12 /PRNewswire/ -- Brajdas Corp. (OTC) announced today that it has agreed in principle to a merger of BRJS Investment Holding Corp. with and into Brajdas. BRJS currently owns approximately 89 percent of the outstanding Brajdas common stock. If approved by the shareholders, each outstanding share of BRJS would be converted into approximately 22.47 shares of Brajdas common stock. The aggregate number of shares to be issued by Brajdas upon such conversion would be 18,356,353. An equivalent number of Brajdas shares currently owned by BRJS would be reacquired by Brajdas by virtue of the merger. Thus, following consummation of the merger, the total number of shares of Brajdas common stock outstanding would be unchanged. For accounting and financial reporting purposes, it is anticipated that the transaction will have no material effect on the company.
 Brajdas anticipates filing preliminary proxy materials with respect to the merger with the Securities and Exchange Commission early this week.
 The proposed merger is expected to be submitted to Brajdas shareholders for approval at the 1993 annual meeting of shareholders, currently scheduled to be held on Sept. 21, 1993. The Brajdas board of directors has fixed Aug. 16, 1993, as the record date for such annual meeting.
 Brajdas also announced that its board of directors will submit to shareholders at the 1993 annual meeting a proposal to reincorporate the company in Delaware. The company currently is a California corporation.
 -0- 7/12/93
 /CONTACT: William C. Cacciatore of Brajdas, 714-895-0060; or Roger S. Pondel of Pondel Parsons & Wilkinson, 310-207-9300, for Brajdas/


CO: Brajdas Corp.; BRJS Investment Holding Corp. ST: California IN: SU: TNM

JL-LM -- LA007 -- 0258 07/12/93 09:03 EDT
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Publication:PR Newswire
Date:Jul 12, 1993
Words:282
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