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NORTH AMERICAN RECYCLING SYSTEMS, INC., SPIN-OFF OF CONVERSION INDUSTRIES INC. BRINGS OFFERING TO THE AMERICAN STOCK EXCHANGE

 NORTH AMERICAN RECYCLING SYSTEMS, INC., SPIN-OFF OF CONVERSION
 INDUSTRIES INC. BRINGS OFFERING TO THE AMERICAN STOCK EXCHANGE
 NEW YORK, Feb. 24 /PRNewswire/ -- The American Stock Exchange today announced that North American Recycling Systems, Inc., of Fort Edward, N.Y., began trading its common shares, rights and warrants. Trading on a "when-issued" basis under ticker symbol NAR.WI, the common stock opened on 37,000 shares at 8-3/8. The rights are trading regular way under ticker symbol NAR.RT and the warrants are trading on a "when- issued" basis under ticker symbol NAR.WS.WI.
 Conversion Industries Inc. (CVD), an American Stock Exchange listed company based in Pasadena, Calif., will distribute as a dividend-in- kind, North American rights today, Feb. 24.
 Each Conversion Industries' shareholder will receive one North American Recycling right for each four capital shares of Conversion Industries held as of the close of business today.
 Each right entitles the holder to purchase one share of North American common stock and one warrant for $6.00 until the expiration date on March 25. Each two warrants, and $1.00, entitles the holder to purchase one share of North American common stock until the expiration on April 22.
 Headquartered in Upstate New York, North American traces its origins back to 1974. According to the company, it is currently the largest independent cartage and recycling firm operating from Albany, N.Y., north to the Canadian border and west to Syracuse, N.Y. In 1991 the company began operations of the first flexible (or "film") and rigid plastic recycling facilities in the United States.
 North American is the third spin-off of Conversion Industries to begin trading on the Exchange. The first, Western Energy Management, Inc. (WEM), began trading on Feb. 13, 1991, and was joined on May 15 by International Colin Energy Corporation (KCN).
 -0- 2/24/92
 /CONTACT: Lisa Neuner of Amex, 212-306-2028/
 (NAR) CO: North American Recycling Systems, Inc.; Conversion Industries Inc. ST: New York, California IN: SU:


KD -- NY066 -- 2007 02/24/92 15:24 EST
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Publication:PR Newswire
Date:Feb 24, 1992
Words:338
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