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PAGERS PLUS ANNOUNCES THAT PANA-PACIFIC CORP. HAS AGREED TO PURCHASE UP TO 40 PERCENT OWNERSHIP

 PAGERS PLUS ANNOUNCES THAT PANA-PACIFIC CORP.
 HAS AGREED TO PURCHASE UP TO 40 PERCENT OWNERSHIP
 LOS ANGELES, March 31 /PRNewswire/ -- Pagers Plus (d/b/a Page Prompt USA) announced today that it has signed a letter of intent with Pana- Pacific Corp., located in Campbell, Calif., to sell 600,000 shares of voting, convertible preferred shares for $.63 per share, or a total of $378,000. Each preferred share is convertible into one share of common stock and has an annual dividend of $.063 per share. In addition, the company will grant an option to Pana-Pacific to purchase $550,000 shares of its common stock over a three-year period at prices ranging between $.84 to $1.30 per share.
 Certain principal stockholders of Pagers Plus have also agreed to grant an option to Pana-Pacific to purchase 550,000 shares of their stock at prices ranging between $.42 to $.70 per share.
 Upon the close of the sale, two directors selected by Pana-Pacific will be appointed to the Pagers Plus board of directors.
 Pana-Pacific, through its California Mobile Phone Co. division, is the largest nationwide agent for cellular phones. In 1991 Pana-Pacific sold 98,500 cellular phones to end-users. Pana-Pacific has five facilities and 48 salespeople. In addition to cellular phones Pana- Pacific business interests are in consumer electronics, car audio, security and business telephone systems.
 Linden, vice president of operations of Pagers Plus, stated that the initial funds will be utilized to retire short-term debt and to help fund the completion of its program to market its "paging" services in seven Western states plus Hawaii. Pagers Plus also has license applications pending in five additional Western states. Linden further stated that the association with Pana-Pacific will allow Pagers Plus to become a major force in the pager business.
 -0- 3/31/92
 /CONTACT: Sandy Linden of Pagers Plus, 310-404-0404/ CO: Pagers Plus; Pana-Pacific Corp. ST: California IN: TLS SU:


DM-EH -- LA008 -- 3248 03/31/92 09:03 EST
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Publication:PR Newswire
Date:Mar 31, 1992
Words:328
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