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COOPER DEVELOPMENT RESETS RECORD DATE FOR RIGHTS OFFERING

 MOUNTAIN VIEW, Calif., Feb. 10 /PRNewswire/ -- Cooper Development Co. (NASDAQ: COOL) announced today that it has reset the record date for holders of the company's common stock who will receive Rights pursuant to the previously announced Rights Offering from Dec. 14, 1992, to Feb. 16, 1993. The company reset the record date as required by Delaware law to reflect regulatory approval for the registration statement.
 On Dec. 3, 1992, the company announced that it would issue at no cost to the holders of its common stock of record on Dec. 14, 1992, rights to subscribe to additional shares of common stock, up to an aggregate total of 1,209,792 common shares.
 Each stockholder of record of Cooper Development common stock will receive one non-transferable Right for each two shares of common stock owned as of the close of business on the record date of Feb. 16, 1993. Fractional Rights will not be issued. Each holder of a Right will be entitled to subscribe for one share of common stock at an exercise price of the lower of $2.50 or 90 percent of the average of the last reported sales prices of a share of common stock as reported on the NASDAQ National Market System on April 16, 1993, and the four preceding business days.
 If some stockholders do not exercise all of their Rights, those shares for which subscriptions have not been received will be offered to stockholders who have exercised their Rights and wish to acquire additional shares.
 The company's principal stockholders, Theodore H. Kruttschnitt and Parker G. Montgomery, agreed to exercise in full the rights issued to them on primary subscription and subscribe for additional shares of Common Stock to the maximum
extent possible pursuant to the over subscription privilege. Kruttschnitt and Montgomery are directors of the company. In addition, Montgomery serves as chairman of the board and president.
 In anticipation of the offering, the company has received interim financing from its principal stockholders. The company is also exploring various long-term debt and equity alternatives, including but not limited to selling all or portions of certain assets or businesses. No assurances can be given that the company will obtain financing on terms acceptable to the company.
 Subject to regulatory approval, specific instructions for exercising the Rights will be mailed to all Cooper Development stockholders before the end of February 1993. The Rights Offering will expire at 8 p.m. EDT on April 16, 1993, unless extended by Cooper Development at its option. The Rights are non-transferable and will not be admitted for trading on the NASDAQ National Market Systems. There are presently 2,419,584 common shares outstanding.
 Cooper Development Co. develops healthcare products businesses, including Revo sunglasses (Revo Inc.) and Cabot skin care products (Cabot Laboratories Inc.).
 -0- 2/10/93
 /CONTACT: Carol R. Kaufman of Cooper Development, 415-969-9030/
 (COOL)


CO: Cooper Development Company ST: California IN: HEA SU: OFR

TB-SG -- SJ009 -- 5340 02/10/93 16:32 EST
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Publication:PR Newswire
Date:Feb 10, 1993
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