FLAMEMASTER INCREASES STAKE, AND IN JOINT VENTURE WITH PERFECTDATA CORP.
SUN VALLEY, July 23 /PRNewswire/ -- The Flamemaster Corp. (NASDAQ-NMS: FAME), and its affiliates have increased their stake in Perfectdata Corp. (NASDAQ: PERF) to 833,500 shares, or about 24.4 percent of the outstanding. In its amended Form 13-D filing with the Securities and Exchange Commission, Flamemaster indicated that it purchased the additional shares of Perfectdata in open market transactions at prices ranging from $1.20 to $1.38 per share. The filing further indicated that the shares were purchased for investment purposes. Joseph Mazin, Flamemaster's chief executive officer, stated that Flamemaster plans to introduce several cleaning and maintenance product lines to be marketed worldwide by Perfectdata Corp. to the commercial, industrial and home-use markets. Perfectdata Corp. based in Simi Valley, Calif., designs and markets a broad line of computer, office care and maintenance products and accessories. Flamemaster Corp. is a specialty chemicals manufacturer of sealants, adhesives and coatings with interests in packaging and metal fabrication. Neither Flamemaster nor Perfectdata have any outstanding debt and both have strong balance sheets. -0- 7/23/93 /CONTACT: Joseph Mazin, president of Flamemaster, 818-982-1650, or 213-875-1590/ (FAME PERF)
CO: Flamemaster Corp.; Perfectdata Corp. ST: California IN: CHM CPR SU: JVN
BP-EH -- LA009 -- 5169 07/23/93 12:41 EDT
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|Date:||Jul 23, 1993|
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