Printer Friendly

M.G. PRODUCTS INC. ANNOUNCES SUCCESSFUL COMPLETION OF TWO OFFERINGS AND INCLUSION OF COMMON STOCK IN NASDAQ NATIONAL MARKET SYSTEM

 CHULA VISTA, Calif., Jan. 18 /PRNewswire/ -- Patrick Farrah, president of M.G. Products Inc. (NASDAQ: MGPR), today announced that the company successfully completed a Private Placement of 2,150,000 shares of common stock for aggregate net proceeds of $13,975,000, in November 1993, and recently also issued 739,903 shares of common stock in exchange for all of the outstanding shares and long-term debt of M.G. Capital Corp., a privately owned California corporation.
 As a result of these transactions, shareholders' equity increased by approximately $18,700,000.
 A portion of the private placement proceeds will go to financing a new 200,000-square-foot manufacturing plant in Monterrey, Mexico, and a 100,000-square-foot distribution center in Memphis, Tenn. These facilities will allow the company to better serve its growing East Coast customer base.
 The company also announced that since mid-December its common stock has been quoted and traded on the NASDAQ National Market Under the symbol MGPR.
 M.G. Products, with headquarters in Chula Vista, manufactures and distributes decorative, fluorescent, track and recessed lighting products.
 -0-
 /CONTACT: Patrick F. Farrah, president, or Ted Filley, CFO, 619-482-2970/
 (MGPR)


CO: M.G. Products Inc. ST: California IN: HOU SU: OFR

EH -- LA001 -- 2636 01/18/94 10:12 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 18, 1994
Words:208
Previous Article:LAFARGE CORPORATION ANNOUNCES REORGANIZATION
Next Article:WHOOPI GOLDBERG, CLINT EASTWOOD AND BILL COSBY TOP MCI BEST FRIENDS SURVEY; MCI INTRODUCES 'BEST FRIENDS' SAVINGS PROGRAM
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters