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LOJACK ACQUIRES INVESTORS' OWNERSHIP INTERESTS IN NEW JERSEY SUBSIDIARY

 DEDHAM, Mass., May 10 /PRNewswire/ -- LoJack Corp. (NASDAQ: LOJN) announced today that it has acquired from an investor group their holdings of subordinated debentures of LoJack's New Jersey subsidiary, LoJack of New Jersey Corporation, currently convertible into 37.85 percent of the outstanding common stock of LoJack of New Jersey, in a transaction valued at between $2,300,000 and $2,500,000 in exchange for approximately 550,000 shares of LoJack common stock. The convertible subordinated debentures have a face value of $1,566,977 plus accrued interest of approximately $530,000 (or a total of $2,100,000).
 In making the announcement, C. Michael Daley, president, said "The transaction will have the immediate effect of reducing our annual interest expense by approximately $175,000, or $.01 per share, commencing in the second quarter as well as increasing our stockholders' equity by approximately $2,100,000. In addition, the cost of completing the transaction at this time is extremely attractive in view of the fact that continued improvement of LoJack of New Jersey's results over time would have increased significantly the cost of converting the investor group's holdings into LoJack common stock.
 "We estimate that the company will incur an extraordinary charge of approximately $.01 per share in the first quarter as the result of this transaction, which we believe, in view of current operating performance, will not have a material adverse effect on the first quarter's results," Mr. Daley said.
 -0- 5/10/93
 /CONTACT: Joseph F. Abely, senior vice president of LoJack, 617-326-4700, or John Swanson of Swanson Communications, Inc., 212-683-4890, for LoJack/


CO: LoJack Corporation ST: Massachusetts IN: SU:

SM-AH -- NYM007 -- 6322 05/10/93 09:02 EDT
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Publication:PR Newswire
Date:May 10, 1993
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