FONIC ANNOUNCES DIVIDEND
FONIC ANNOUNCES DIVIDEND NEW YORK, Nov. 2 /PRNewswire/ -- Fonic, Inc. (NASDAQ: FONCF), today
announced a dividend on its common stock. According to Chou Sui Sheung, Fonic's chairman and president, the dividend will consist of one redeemable Class B warrant which entitles its holder to purchase 10 of the company's common shares at total exercise price of $100 payable by each shareholder who owns 100 shares of the company's common stock. The dividend will be paid on Dec. 9, 1992 to stockholders of record on Nov. 9, 1992.
The redeemable Class B warrant will become detachable after a 30-day period and is not callable. The redeemable Class B warrants may be exercised from April 1, 1993 until April 1, 1994 when they can be extended. The common stock certificate need not be returned to receive the redeemable Class B warrant. The company currently has 9,157,700 common shares outstanding par value
$.01 and 1,957,700 common shares that may be sold by the company upon the exercise of redeemable Class A warrants which expire on May 20, 1993. Each redeemable Class A warrant entitles its holder to purchase two shares of common stock at a price of $1.625 per share. The redeemable Class A warrants are redeemable for $.01 per Class A redeemable warrant upon 30 days notice.
The company has up to 915,770 common shares, par value $.01, that may be sold by the company upon the exercise of the redeemable Class B warrants. The redeemable Class B warrants are redeemable for $.01 per Class B redeemable upon 30 days notice. Holders of odd lots will be afforded the opportunity to receive equal value for their holdings. Fonic, Inc., through its subsidiaries, is engaged in the design, development, manufacture, assembly and marketing of audio products including digital receivers, stereo radio, double cassette recorders, video cassette players, record players, Hi-Fi component systems, video (TV) sets, video cassette recorders (VCRs), professional hi-fi amplifiers, clock radios, one piece telephones, and promotional items. Telecommunications products sold, engineered or manufactured by the company include "TACS" system cellular phone exchange switches, portable telephone sets and paging receivers. -0- 11/02/92 /CONTACT: Sam Witchel of Scharff, Witchel & Co., 212-983-1060, for Fonic/ (FONCF) CO: Fonic, Inc. ST: New York IN: CPR SU: DIV
SM-WB -- NY093 -- 1835 11/02/92 18:03 EST
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|Date:||Nov 2, 1992|
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