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OCS TECHNOLOGIES CORP. EXERCISES OPTIONS TO ACQUIRE UNITS OF OCS IV LIMITED PARTNERSHIP

 RICHMOND, British Columbia, April 6 /PRNewswire/ -- OCS Technologies Corp. (Toronto, Vancouver: OCS) today announced that it has exercised its options to acquire all 600 units of OCS IV Limited Partnership (the "limited partnership"). OCS has also exercised, this day, its option to acquire the sole issued and outstanding share of 414033 British Columbia Ltd., the corporate general partner of the Limited Partnership.
 OCS has obtained a fairness opinion which supports the value assigned to the limited partnership, being $4,250,000, or $7,083.33 per unit. Under the terms of the options, OCS will issue 1,398 shares per limited partnership unit, at a price of $4.47 per share, for a total of 838,800 shares for all 600 units. OCS will also issue 111,857 shares, also at a price of $4.47 per share, in exchange for the sole share of the corporate general partner. Therefore, OCS will issue a total of 950,657 shares for total consideration of $4,249,436.79 to acquire the limited partnership and the corporate general partner. These shares will be subject to a one-year hold period expiring one year from the date of this news release.
 The foregoing transactions are subject to regulatory acceptance.
 -0- 4/6/93
 /CONTACT: Neil F. Hummel, director and secretary of OCS Technologies, 604-273-8045/
 (OCS.)


CO: OCS Technologies Corp. ST: British Columbia IN: SU: TNM

BP-LS -- LA020 -- 3507 04/06/93 14:50 EDT
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Publication:PR Newswire
Date:Apr 6, 1993
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