MEDAR REPORTS CONVERSION OF DEBENTURES
MEDAR REPORTS CONVERSION OF DEBENTURES FARMINGTON HILLS, Mich., May 12 /PRNewswire/ -- Medar, Inc.
(NASDAQ-NMS: MDXR) announced that on May 8, 1992, it elected to convert the $1,500,000 of outstanding Medar, Inc. 8 percent Series C Convertible Subordinated Debentures into 375,000 shares of Medar, Inc. common stock in accordance with the provisions of the debentures. The conversion of Series C debentures follows the conversion of $1,500,000 of Medar, Inc. 8 percent Series A and Series B Convertible Subordinated Debentures during the fourth quarter of 1991 and the first quarter of 1992 for a total of 244,432 shares of Medar, Inc. common stock.
"The debenture conversions serve to reduce Medar's interest expense by $240,000 annually, which will be utilized to assist in funding Medar's high rate of growth, while not diluting earnings per share at today's earnings levels," said Charles J. Drake, president and chairman of Medar, Inc. The debenture conversions reduce Medar's long-term debt to less than $1.9 million, while increasing stockholders' equity to approximately $9.8 million. Medar recently reported record earnings in 1991 and record three- month earnings during the first quarter of 1992. Medar, Inc. offers two unique areas of expertise to the industrial manufacturer: resistance welding controls and machine vision-based inspection systems. Medar's resistance welding controls assure weld quality and provide data about the welding process. Machine vision- based inspection systems assure consistent quality and are designed for the automatic inspection of compact discs, glass containers and other manufacturing processes. Medar's common stock trades on the NASDAQ National Market with the symbol MDXR. -0- 5/12/92 /CONTACT: Charles J. Drake or Gerald R. Smith of Medar, Inc., 313-477-3900 or 800-221-7269/ (MDXR) CO: Medar, Inc. ST: Michigan IN: CPR SU:
SM -- DE012 -- 9053 05/12/92 10:59 EDT
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|Date:||May 12, 1992|
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