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ELECTROSOURCE RECEIVES NOTICE FROM PARTNERSHIP THAT FUNDS HAVE BEEN COMMITTED TO CLOSE PREFERRED STOCK PURCHASE

 ELECTROSOURCE RECEIVES NOTICE FROM PARTNERSHIP THAT FUNDS
 HAVE BEEN COMMITTED TO CLOSE PREFERRED STOCK PURCHASE
 AUSTIN, Texas, Jan. 14 /PRNewswire/ -- Electrosource, Inc. (NASDAQ: ELSI), today announced that the limited partnership which earlier agreed to purchase $1.5 million of Electrosource preferred stock has notified Electrosource that it has received the commitments and funds necessary to enable it to complete the purchase of the preferred stock.
 Electrosource previously announced that it had agreed to sell preferred stock to the partnership but that it was necessary for the partnership to raise $1.2 million in cash in order to complete the purchase. The partnership obtaining the necessary financing is the only material condition remaining to the closing of the purchase. Electrosource's board of directors has already approved the transaction and is expected to take the final action necessary to issue the preferred stock later this week. The transaction is expected to close on or before Jan. 21, 1992.
 -0- 1/14/92
 /CONTACT: Mark A. Huse of Electrosource, 512-445-6606/
 (ELSI) CO: Electrosource, Inc. ST: Texas IN: SU:


GK -- NY019 -- 9436 01/14/92 09:47 EST
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Publication:PR Newswire
Date:Jan 14, 1992
Words:184
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