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DAVSTAR RECEIVES $2.1 MILLION FROM EQUITY PRIVATE PLACEMENT

 NEWPORT BEACH, Calif., Oct. 7 /PRNewswire/ -- Davstar Industries Ltd. (AMEX: DVS) announced today that its wholly owned subsidiary, Davstar California Inc., has received net proceeds of approximately $2.1 million from a Private Placement to institutions and other accredited investors of 230,000 units at a price of $10.00 per unit. Each unit consists of two shares of Series A Convertible Preferred Stock of Davstar California and one Warrant to purchase a Common Share of the company at an exercise price of $5.00 per share at any time prior to March 20, 1997. Each share of Preferred Stock is exchangeable at any time at the option of the holder into one Common Share of the company.
 Davstar develops and markets proprietary non-invasive medical and laboratory products. Davstar Industries is located at 1301 Dove St., Suite 360, Newport Beach, CA 92660.
 -0- 10/7/93
 /CONTACT: Patty Andrunas, 714-852-8492/
 (DVS)


CO: Davstar Industries Inc.; Davstar California Inc. ST: California IN: MTC SU:

LS-JB -- LA038 -- 9854 10/07/93 15:42 EDT
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Publication:PR Newswire
Date:Oct 7, 1993
Words:172
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