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BUYER OF MARYLAND CABLE SYSTEM OBTAINS FINANCING

 RALEIGH, N.C., Oct. 15 /PRNewswire/ -- As previously announced, Acton Corporation (AMEX: ATN), $3.75 Cumulative Preferred Stock (ATNPR), signed an agreement to sell its sole remaining cable television system comprised of approximately 44,000 subscribers located in Anne Arundel County, Md. The $76 million contract, which was previously subject to the buyer's financing, is expected to produce after-tax net income of approximately $46.1 million or $18.14 per share on a primary basis and $14.97 per share on a fully diluted basis.
 The buyer has now obtained the commitments for financing set forth in the contract, thereby eliminating a major contingency to the closing of the transaction.
 The transaction is still subject to local governmental approval of the cable franchise transfer and the notification requirements under the Hart-Scott Rodino Antitrust Improvements Act of 1976. Closing is expected in November or December 1993.
 Acton Corporation is primarily engaged in specialized automobile insurance underwriting, manufacturing, real estate development and the operation of the cable television system.
 -0- 10/15/93
 /CONTACT: Ruby M. Anderson, Shareholder Relations, of Acton Corporation, 919-781-5611/
 (ATN)


CO: Acton Corporation ST: North Carolina IN: INS TLS SU: RLS

CM -- CH001 -- 2590 10/15/93 08:29 EDT
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Publication:PR Newswire
Date:Oct 15, 1993
Words:202
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