DBA SYSTEMS ANNOUNCES OFFERING
DBA SYSTEMS ANNOUNCES OFFERING MELBOURNE, Fla., June 22 /PRNewswire/ -- DBA Systems, Inc.
(NASDAQ: DBAS), a Melbourne, Fla. based defense imaging, charting, geodesy and electronics firm announced today that it is offering ("the offer") to issue and deliver to each holder of its 9 1/2 percent convertible subordinated debentures due 2003 ("the debentures") an additional five shares of the company's common stock for each $1,000 principal amount of its debentures tendered. The debentures are convertible at the option of the holder, at the conversion price of $4.00 per share, into 250 shares of common stock for each $1,000 principal amount of debentures. The company is offering to issue additional common stock in connection with the offer to reduce debt and the associated interest expense and to increase equity.
The offer is subject to the terms and conditions of the company's offering circular dated June 19, 1992. The offer expires on July 17, 1992, unless extended. There are currently $5,272,000 aggregate principal amount of debentures outstanding. The company has received non-binding letters of intent from certain bondholders stating they intend to tender for conversion $3,208,500 in principal amount of debentures beneficially owned. Holders of the debentures seeking further details regarding the offer should contact either the company, 407-727-0660 ext. 2535 or the conversion agent, NationsBank of Georgia, N.A., 800-848-8198, No. 6. -0- 6/22/92 R /CONTACT: John L. Slack, chairman of the board, president and chief executive officer of DBA Systems, Inc., 407-727-0660 ext. 2535/ (DBAS) CO: DBA Systems, Inc. ST: Florida IN: ARO SU: OFR
JB-JJ -- FL006 -- 2483 06/22/92 14:50 EDT
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|Date:||Jun 22, 1992|
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