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ONASCO COMPANIES, INC. ANNOUNCES A REVERSE STOCK SPLIT

 ONASCO COMPANIES, INC. ANNOUNCES A REVERSE STOCK SPLIT
 HOUSTON, Sept. 3 /PRNewswire/ -- Shareholders of ONASCO Companies,


Inc. voted on Sept. 1, 1992 at a special meeting of the company's shareholders held in Houston to approve a one share for 20 share reverse split of the company's common stock. At the meeting, ONASCO shareholders also elected directors of the company and approved an amendment to ONASCO's Articles of Incorporation to provide for shareholder action by less than unanimous written consent. ONASCO currently has 20,259,987 shares of common stock issued and outstanding. After the reverse stock split, the number of outstanding shares will be approximately 1,012,999. ONASCO's stock currently trades over-the- counter on the NASD electronic bulletin board system. ONASCO believes that the reverse stock split will allow the trading price of the company's shares of common stock to be increased to a price more appropriate for a traded security. The reverse stock split will take effect on Sept. 15, 1992 following the filing of amended Articles of Incorporation by the company.
 Re-elected to the ONASCO board of directors were Dr. Robert C. Bohannon, president and interim CEO of ONASCO; Henry H. Tate Jr., currently manager of Operations of Hydro III, an ozone systems company; and Charles E. Largent, owner and operator of CEL Associates, a manufacturing and distribution company for the molecular biology instruments and supplies. In addition to approving the reverse stock split and the election of directors, ONASCO stockholders also approved an amendment to the ONASCO Articles of Incorporation to provide that stockholders may act by less than unanimous written consent. This amendment allows shareholders to take action without a meeting if they obtain the consent of holders of at least the number of shares required to take action at a meeting at which all shareholders were present and voted.
 ONASCO's wholly-owned subsidiary, ONASCO Biotechnologies, Inc., develops, manufactures and distributes viral diagnostic kits for a newly discovered "AIDS"-like retrovirus and has developed five synthetic vaccines, including a poliovirus vaccine and a vaccine against most known retroviruses (including the newly discovered virus), except HIV-1 and HIV-2. All of ONASCO's products will require extensive testing and FDA approval and no assurance can be given that the outcome of such testing will be favorable or that FDA approvals can be obtained.
 -0- 9/3/92 R
 /CONTACT: Dr. Robert C. Bohannon, president and CEO of ONASCO Companies, Inc., 713-498-0779/ CO: ONASCO Companies, Inc. ST: Texas IN: HEA SU:


AH -- NY058 -- 6603 09/03/92 16:13 EDT
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Publication:PR Newswire
Date:Sep 3, 1992
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