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GAMMA INTERNATIONAL DISCUSSES SECURITIES EXCHANGE WITH MUTUAL INVESTORS FUNDING CORPORATION

 BILLERICA, Mass., Oct. 28 /PRNewswire/ -- Gamma International, Ltd. (NASDAQ: GAMM) today announced that it is discussing a securities exchange with Mutual Investors Funding Corporation, an owner of Common Stock representing approximately 31 percent of the company's voting securities.
 The transaction currently being discussed would involve the exchange by Mutual Investors of the company's mandatorily redeemable Series B Preferred Stock which it currently owns for a new series of convertible preferred stock. Although the terms and conditions of such exchange have not been fully negotiated, Gamma believes that the new preferred stock will contain conversion rights which could potentially result in significant dilution to the ownership of the company's current common stockholders.
 If the company and Mutual Inventors reach an agreement on the terms of the exchange, consummation of the transaction will be subject to approval by a special committee of the company's Board of Directors composed entirely of independent outside directors who are not affiliated with Mutual Investors. There can be no assurance that the company and Mutual Investors will reach any agreement on the terms of an exchange or that if an agreement is reached, it will be approved by the special committee.
 The company's common stock, warrants and units are traded on the NASDAQ Small Cap Market under the symbols GAMM, GAMMW and GAMMU, respectively.
 -0- 10/28/93
 /CONTACT: Al Luciani, president of Gamma International, 609-272-7700, or John Swanson of Swanson Communications, 212-683-4890/
 (GAMM)


CO: Gamma International, Ltd.; Mutual Investors Funding Corporation ST: Massachusetts IN: SU:

JS-MP -- NY106 -- 8147 10/28/93 16:39 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
Words:258
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