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ICC INDUSTRIES EXCERCISES OPTION ON PHARMACONTROL; ACQUIRES COMMON STOCK

 ICC INDUSTRIES EXCERCISES OPTION ON PHARMACONTROL;
 ACQUIRES COMMON STOCK
 ENGLEWOOD CLIFFS, N.J., May 13 /PRNewswire/ -- Pharmacontrol Corp. ("PCC") (NASDAQ: PHAR, Pink Sheets) announced today that ICC Industries, Inc. ("ICC"), a major international manufacturer and marketer of chemical and pharmaceutical products, with 1991 sales of approximately $600 million, has exercised the first in a series of three options previously granted by PCC to acquire up to 66.67 percent of the total number of shares of the company's common stock. The first option, as amended, granted ICC the right to acquire 2,418,757 shares of PCC's common stock at price of $.136 per share, representing 25 percent of the outstanding common stock after exercise of the first option. The second and third options, as amended, grant ICC the right to acquire up to a total of 12,093,787 shares of common stock at an aggregate price of $1,639,252. ICC also maintains the right to preserve its 66.67 percent interest in PCC in the event of additional issuances of shares or warrants or options to purchase shares or rights convertible into shares of common stock.
 ICC, with offices in key business centers around the world, manufactures and markets chemical, plastic and pharmaceutical products worldwide and owns nine manufacturing plants. Since September 1991, ICC has assisted PCC's wholly-owned subsidiary, Private Formulations, Inc. ("PFI"), in the purchase of more than $5 million in raw materials and equipment and has provided PFI with a line of credit. ICC has also indicated its intention to pursue joint venture arrangements or other forms of business transactions between PFI and foreign pharmaceutical companies seeking to market, distribute and sell products in the United States.
 PFI is engaged in the manufacture and distribution of more than forty different types of generic over-the-counter solid dosage pharmaceutical products in tablet, caplet and capsule form (including analgesics, antacids, cough/cold preparations, antihistamines and laxatives), which are sold under its customers' private labels or in bulk form to repackers and distributors.
 Max Tesler, president of PCC and PFI, stated that he believed ICC's exercise of its first option reflected ICC's confidence in PCC and its expectation of a continuing, mutually-rewarding relationship between the companies.
 -0- 5/13/92
 /CONTACT: Lyne Ricciardelli of PharmaControl, 201-567-9004/
 (PHAR) CO: PharmaControl Corp.; ICC Industries, Inc. ST: New Jersey, New York IN: MTC SU: TNM


TQ-OS -- NY081 -- 9824 05/13/92 15:16 EDT
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Publication:PR Newswire
Date:May 13, 1992
Words:402
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