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LOJACK COMPLETES CONVERSION OF SUBORDINATED DEBT TO PREFERRED STOCK EXPECTS MOVE TO RESTORE COMPLIANCE WITH NASDAQ CAPITAL REQUIREMENTS

 LOJACK COMPLETES CONVERSION OF SUBORDINATED DEBT TO PREFERRED STOCK
 EXPECTS MOVE TO RESTORE COMPLIANCE WITH NASDAQ CAPITAL REQUIREMENTS
 NEEDHAM, Mass., Dec. 18 /PRNewswire/ -- LoJack Corporation (NASDAQ: LOJNC) announced today that it completed the previously announced conversion of $12,165,000, or 99.2 percent, of its 10 percent convertible subordinated debentures into Series "A" 10 percent cumulative convertible preferred stock. Dividends on the Series "A" convertible preferred stock are only payable when and if declared by the company's board of directors.
 In making the announcement, C. Michael Daley, president said that this transaction reduces the company's debt and significantly improves the company's equity position and will save $1,216,500 in annual cash interest payments. In addition, the completion of the conversion puts LoJack into compliance with NASDAQ's capital and surplus requirements which should allow the "C" designation on LoJack's NASDAQ stock trading symbol to be removed within several days of the company's filing documents with the Securities and Exchange Commission.
 -0- 12/18/91
 /CONTACT: Joseph F. Abely, senior vice president of LoJack, 617-444-4900, or John Swanson of Swanson Communications, 212-683-4890, for LoJack/
 (LOJNC) CO: LoJack Corporation ST: Massachusetts IN: SU: FNC


JT-OS -- NY039 -- 3473 12/18/91 13:59 EST
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Publication:PR Newswire
Date:Dec 18, 1991
Words:202
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