NORAND FILES AMENDED IPO REGISTRATION STATEMENT WITH S.E.C.
CEDAR RAPIDS, Iowa, Jan. 6 /PRNewswire/ -- Norand Corporation filed an amended registration statement with the Securities and Exchange Commission on Jan. 6, 1993, for an initial public offering of approximately 3.5 million shares of Norand common stock. At an estimated initial public offering price of between $13 and $15 per share, Norand anticipates raising approximately $45.5 million to $52.5 million before deducting expenses and underwriting discounts. According to the registration statement, after paying expenses for the offering, proceeds will be used to retire subordinated debentures and outstanding Series A preferred stock including accretion and accrued dividends on the Series A preferred stock, pay accrued interest on the subordinated debentures, and prepay a portion of the company's bank debt. Donaldson, Lufkin & Jenrette; The Robinson-Humphrey Company, Inc. and William Blair & Company are managing the offering. Norand designs, manufactures and markets portable, computerized systems used to automate the collection, processing and communication of information related to the product sales and distribution, inventory control and warehouse data management. The systems include wireless data communication networks, application-specific software, hand-held computers, portable printers, bar code scanning devices and related peripheral equipment. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A copy of the registration statement can be obtained from the Securities and Exchange Commission, Washington, D.C. -0- 1/6/93 /CONTACT: Katie Wacker of Norand, 319-369-3153/
CO: Norand Corporation ST: Iowa IN: CPR SU: OFR
KH -- MN011 -- 2368 01/06/93 16:47 EST
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|Date:||Jan 6, 1993|
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