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HILLSIDE BEDDING, INC. ATTRIBUTES DECLINE IN STOCK AND RELATED SECURITIES TO REORGANIZATION OF UNDERWRITER, NOW COMPLETED

 BRONX, N.Y., March 3 /PRNewswire/ -- Hillside Bedding, Inc. (NASDAQ: BEDS), reported today that the recent decline in the price of the company's common stock, warrants and preferred units appears to have been due to unfounded rumors surrounding a reorganization of Elliot, Allen & Co., Inc., managing underwriters of Hillside's initial public offering on Feb. 12, 1993.
 Morton Swirsky, vice president-finance of Hillside Bedding, said, "I have been advised by Lawrence A. Rosenberg, chairman of Elliot, Allen, that he has acquired the entire equity position of Gene Klotsman, the former chairman, who has resigned. Mr. Rosenberg has assumed the positions of chairman, CEO, and COO and says that today Elliot, Allen remains a financially sound and well capitalized NASD member firm."
 Mr. Swirsky continued, "Although our securities had been trading at a premium immediately after the offering, certain market participants apparently responded to the unfounded rumors regarding Elliot, Allen's viability by selling the stock naked short. The short position is believed to have reached a significant amount with resulting instability in the market price of our securities. The market action does not reflect any change in Hillside's condition, which continues to be as described in the offering prospectus."
 Hillside Bedding, Inc., owns and operates 31 retail bedding stores and franchises ten stores in the New York metropolitan area.
 -0- 3/3/93
 /CONTACT: Robert Martire, president, or Morton Swirsky, CFO of the Hillside Bedding, 718-597-3300/
 (BEDS)


CO: Hillside Bedding, Inc. ST: New York IN: REA SU:

GK-KW -- NY057 -- 2509 03/03/93 13:24 EST
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Publication:PR Newswire
Date:Mar 3, 1993
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