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DAVSTAR INDUSTRIES PUBLIC OFFERING OF UNITS DECLARED EFFECTIVE BY SEC

DAVSTAR INDUSTRIES PUBLIC OFFERING OF UNITS DECLARED EFFECTIVE BY SEC
 LAWNDALE, Calif., March 24 /PRNewswire/ -- Davstar Industries Ltd. (NASDAQ: DVSRF), a California-based producer of proprietary medical devices, has had the registration statement for its public offering of units declared effective by the Securities and Exchange Commission (SEC). The units will trade on NASDAQ under the symbol DVSUF. Davstar's common shares are also listed on NASDAQ under the symbol DVSRF.
 Davstar has agreed to sell 1,200,000 units to the underwriters at $8.375 per unit. Each unit consists of two common shares and one common share purchase warrant. The offering will net approximately $8.5 million after expenses.
 Paulson Investment Company, Inc., Portland, Ore., acted as the representative of the underwriters of the offering.
 Proceeds of the offering will be used to repay outstanding borrowings and fund continued research, development and commercial introduction of Davstar's medical products.
 Davstar develops and markets proprietary, non-invasive medical and laboratory products, including the CEN-SLIDE (R) plastic molded centrifuge tube that incorporates a microscope slide for use in urinalysis and the DRISTAR (TM) absorbent pad and pump system for urinary incontinence. Through its subsidiary, Gates Plastics, Davstar is also engaged in the contract manufacture and sale of molded plastic products and components for commercial, industrial and consumer applications.
 A written prospectus relating to the offering may be obtained from Paulson Investment Company, Inc., 811 S.W. Front Avenue, Suite 200, Portland, Ore., 97204, 503-243-6000.
 -0- 3/24/92
 /CONTACT: Jerry Silver, 714-756-6686, for Davstar/
 (DVSUF DVSRF) CO: Davstar Industries Ltd. ST: California IN: MTC SU: OFR


TQ -- NY019 -- 0978 03/24/92 10:46 EST
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Publication:PR Newswire
Date:Mar 24, 1992
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