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BUCKEYE COMMUNICATIONS, INC. ANNOUNCES INITIAL CLOSING OF A PRIVATE OFFERING OF SECURITIES TO ACCREDITED INVESTORS

 NEW YORK, Nov. 5 /PRNewswire/ -- Buckeye Communications, Inc. (OTC Bulletin Board: BKCI) announced today that it had an initial closing of a private offering of Units consisting of one share of Series A Cumulative Convertible Preferred Stock, and a warrant to purchase ten shares of the Company's Common Stock. 178,860 Units were sold, raising $7,154,400. It is anticipated that an additional closing will take place next week.
 Stanley F. Buchthal, Buckeye's chairman and chief executive officer, said, "This additional capital, together with the completion of the Company's new management team which has been assembled over the last five months, will enable the Company to execute its expanded business plan." The new members of Buckeye's management team are:
 -- Mark P. Hershhorn -- President, Chief Operating Officer and
 Director
 -- Arnold P. Kling -- Senior Vice President, General Counsel and
 Secratary
 -- Richard E. Dunn -- Vice President, Merchandising and President
 of BMS
 -- Eric J. Cantor -- Vice President, Marketing and New Business
 Development
 -- Mark A. Miller -- Vice President, Sales and Direct Marketing
 Buckeye, established in 1988, is a development stage company which seeks investment and business opportunities in the leisure and entertainment industries including investments in such areas as (i) merchandising, licensing and intellectual assets, including the marketing and distribution of various consumer products through direct response and other traditional retail methods on a worldwide basis, (ii) themed tourist attractions, and (iii) entertainment. Buckeye common stock is quoted on the over-the-counter non-NASDAQ Bulletin Board under the symbol BKCI.
 -0- 11/5/93
 /CONTACT: Mark P. Hershhorn, president and chief operating officer, or Arnold P. Kling, Esq., general counsel, in New York, 212-888-9115, or fax, 212-888-9399, or in Pennsylvania, 215-891-8320, or fax, 215-891-8326, for Buckeye/
 (BKCI)


CO: Buckeye Communications, Inc. ST: New York IN: SU: OFR

WB-MP -- NY064 -- 1377 11/05/93 16:42 EST
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Publication:PR Newswire
Date:Nov 5, 1993
Words:300
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