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LUXCEL CLOSES UNIT AND WARRANT OFFERINGS

 PARAMUS, N.J., Aug. 26 /PRNewswire/ -- The LuxCel Group, Inc. (NASDAQ: LXCL), a wireless communications equipment and service company, today announced the completion of the sale of 390,000 units at $10 per unit and 390,000 class B redeemable common stock purchase warrants at 10 cents per class B warrant, through an underwriting group led by Westfield Financial Corporation. Each unit consists of five shares of common stock and one class A redeemable common stock purchase warrant. Net proceeds to the company from the offering was approximately $3.5 million.
 The company intends to use the net proceeds from the offering for investment in their Poland and Central Eurasian paging ventures, the purchase of equipment, construction of a New York paging system and for repayment of debt.
 -0- 8/26/93
 /CONTACT: Lee R. Montellaro of LuxCel Group, Inc., 201-843-6400, ext. 206/
 (LXCL)


CO: The LuxCel Group, Inc. ST: New Jersey IN: TLS SU: OFR

LG-SM -- NY015 -- 6045 08/26/93 09:36 EDT
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Publication:PR Newswire
Date:Aug 26, 1993
Words:165
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