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 ROSWELL, Ga., Aug. 17 /PRNewswire/ -- Checkmate Electronics, Inc. has filed a registration statement with the Securities and Exchange Commission for the proposed underwritten public offering of 2 million shares of common stock.
 The company has filed an application to have the common stock listed for trading on the NASDAQ National Market System under the trading symbol "CMEL." It is anticipated that the common stock will be approved for listing prior to the close of the offering. Shares of common stock to be outstanding after the offering will amount to 4,429,736 shares.
 Proceeds from the offering will be used to repurchase shares of common stock from the company's principal stockholder, to repurchase warrants to purchase common stock from certain warrantholders, to reduce indebtedness, and to provide capital for expansion of production capacity, technology development, product enhancement and development, as well as possible future acquisitions.
 Checkmate Electronics designs, manufactures and markets MICR (magnetic ink character recognition) readers, analyzers, and other related products. The company's primary product, MICR check readers, utilizes patented technology to read the magnetic ink characters that are encoded on checks, travelers checks and other documents and automatically input the information into the user's data processing system. The check readers also measure the magnetic signal strength of the magnetic characters to assure that the characters conform to applicable MICR quality standards for MICR systems, thereby helping eliminate fraud by detecting most counterfeit and visually altered documents. Checkmate markets its products to a broad base of customers including major mass retail merchandisers, supermarkets, convenience stores, independent retailers, banks, and other financial institutions throughout the United States.
 A registration statement relating to the common stock has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 The common stock offering will be managed by Raymond James & Associates, Inc., and Interstate/Johnson Lane Corporation, and will be made available only by means of a prospectus.
 -0- 8/17/93
 /CONTACT: Raymond J. Homa, president and CEO of Checkmate Electronics, 404-594-6000/

CO: Checkmate Electronics, Inc. ST: Georgia IN: FIN SU: OFR

BR-RA -- AT006 -- 3523 08/17/93 12:00 EDT
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Publication:PR Newswire
Date:Aug 17, 1993

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