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MEGAFOODS STORES ANNOUNCES ITS INITIAL PUBLIC OFFERING OF 2,000,000 SHARES AT $7 PER SHARE

 MEGAFOODS STORES ANNOUNCES ITS INITIAL PUBLIC OFFERING
 OF 2,000,000 SHARES AT $7 PER SHARE
 MESA, Ariz., July 24 /PRNewswire/ -- Megafoods Stores, Inc. (NASDAQ-NMS: MEGF) announced today the initial public offering of 2,000,000 shares of common stock at $7 per share. All shares were sold by the company. The offering was managed by Piper Jaffray Inc. Proceeds from the offering will be used to repay certain indebtedness, for new store expansion, to repurchase certain shares owned by a stockholder pursuant to the company's contractual right and for general corporate purposes.
 The common stock of the company will be traded on the NASDAQ National Market System under the symbol MEGF.
 The company operates 16 price impact supermarkets in Arizona and in San Diego and Imperial counties, Calif. Megafoods has strategically positioned its stores between supermarkets and membership warehouse club stores by offering price-conscious consumers the convenience, broad selection, specialty departments and atmosphere of a supermarket while featuring the low prices, large quantity packs and warehouse style merchandising that typify club stores.
 Megafoods has expanded rapidly since its inception in 1987 and plans to continue its expansion by opening seven to eight additional stores in 1992 and eight to 10 new stores in 1993. New stores will be concentrated in existing markets and new areas such as Tucson, Ariz. and the greater Las Vegas market.
 A copy of the prospectus relating to these securities may be obtained from Piper Jaffray Inc., 222 South Ninth St., Minneapolis, Minn., 55402; or by calling 612-342-6220.
 -0- 7/24/92
 /CONTACT: Dean Miller of Megafoods, 619-431-7213/
 (MEGF) CO: Megafoods, Inc. ST: Arizona IN: REA SU: OFR


KH -- MN002 -- 2982 07/24/92 11:12 EDT
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Publication:PR Newswire
Date:Jul 24, 1992
Words:282
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