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PAGE AMERICA GROUP FILES SEC REGISTRATION STATEMENT FOR PROPOSED PUBLIC OFFERING OF COMMON STOCK

 PAGE AMERICA GROUP FILES SEC REGISTRATION STATEMENT
 FOR PROPOSED PUBLIC OFFERING OF COMMON STOCK
 HACKENSACK, N.J., March 12 /PRNewswire/ -- Page America Group, Inc. (AMEX: PGG) announced today that it has filed a registration statement with the Securities and Exchange Commission for a proposed public offering of 3 million shares of common stock. All the shares are being sold by the company.
 The proceeds of the offering will be used to repurchase for $5.15 million the company's $10 million principal amount subordinated promissory note issued to NYNEX Mobile Communications in connection with the company's acquisition of the paging assets and business of NYNEX Paging Company, to repay bank indebtedness, to pay accrued and unpaid dividends on the company's outstanding preferred stock, to redeem approximately $1.2 million of preferred stock and for working capital and other general corporate purposes.
 The offering is scheduled to be completed in April 1992, by an underwriting group managed by PaineWebber Incorporated and Alex. Brown & Sons Incorporated.
 Page America Group, Inc. provides radio paging services over its own networks in the New York and Chicago metropolitan markets. The company is the third largest provider of paging services in the New York market and the second largest in the Chicago market. It is the eighth largest provider in the United States. As of Dec. 31, 1991, the company had approximately 223,000 pager units in service.
 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 press 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.
 Copies of the preliminary prospectus may be obtained from PaineWebber Incorporated, 1285 Avenue of the Americas, New York, N.Y. 10019, or from Alex. Brown & Sons Incorporated, 135 E. Baltimore St., Baltimore, Md., 21202.
 -0- 3/12/92
 /CONTACT: Steven L. Sinn, president of Page America Group, 201-342-6676/
 (PGG) CO: Page America Group, Inc. ST: New Jersey IN: TLS SU:


CK-OS -- NY070 -- 7536 03/12/92 16:29 EST
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Publication:PR Newswire
Date:Mar 12, 1992
Words:397
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