EXIDE ELECTRONICS COMPLETES PREFERRED STOCK ISSUANCE
EXIDE ELECTRONICS COMPLETES PREFERRED STOCK ISSUANCE RALEIGH, N.C., July 21 /PRNewswire/ -- Exide Electronics Group, Inc.
(NASDAQ: XUPS) announced today that it had completed a $5.1 million preferred stock issuance to Japan Storage Battery Co., Ltd. of Kyoto, Japan. The commitment to invest in Exide Electronics by Japan Storage Battery had been previously disclosed in June.
The investment of $5.1 million of convertible preferred stock carries a dividend of 8 percent and is convertible into common stock of the company at a conversion price of $13.08. The $5.1 million investment represents the first phase of a total commitment of $10.0 million by Japan Storage Battery. An optional $4.9 million investment by Japan Storage Battery on or before Dec. 31, 1992 will be subject to Exide Electronics and Japan Storage Battery reaching agreement on certain events. This optional investment would occur at a conversion price and prevailing market dividend rate to be determined at the time of closing. Exide Electronics and Japan Storage Battery own a joint venture in Japan, GS-EE Co. Ltd., which serves the Japanese market for uninterruptible power supplies. The investment commitment of Japan Storage Battery is part of the continued evolution of the relationship between the Companies and GS-EE Co. Ltd. Japan Storage Battery and Exide Electronics are working together to broaden sales and marketing efforts related to Exide Electronics products in Japan, including potential joint product development projects. Exide Electronics is the largest company in the world dedicated exclusively to developing and manufacturing a full line of power protection systems. Headquartered in Raleigh, N.C., Exide Electronics respond to the power protection needs of a broad range of businesses and institutions worldwide, including many Fortune 1000 companies. Exide Electronics' products are used for financial, medical, industrial, telecommunications, military and aerospace applications--wherever continuous power is essential to daily operations. -0- 7/21/92 /CONTACT: Marty Kittrell, Investor Relations, 919-870-3076, or Karin Cram, Media-Marketing, 919-870-3239, both of Exide Electronics/ (XUPS) CO: Exide Electronics Group, Inc. ST: North Carolina IN: CPR ARO SU:
JZ -- CH003 -- 1197 07/21/92 10:13 EDT
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|Date:||Jul 21, 1992|
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