PATLEX CORP., AUTOFINANCE GROUP APPROVE PROPOSED MERGER
PATLEX CORP., AUTOFINANCE GROUP APPROVE PROPOSED MERGER LAS CRUCES, N.M., June 1 /PRNewswire/ -- Patlex Corp.
(NASDAQ-NMS: PTLX) and AutoFinance Group Inc. (NASDAQ: AUFN) announced today that their respective boards of directors have approved the proposed merger of Patlex with a subsidiary of AutoFinance Group. As presently contemplated, pursuant to the merger, holders of Patlex common stock would receive 1.4 shares of AutoFinance Group common stock for each share of Patlex, plus 25 percent of the net proceeds, if any, that might be received by Patlex from its patent infringement suit currently pending against the United States government. The proposed merger is subject to the approval of the shareholders of both companies, the execution by the parties of a definitive agreement and certain other contingencies.
Patlex is engaged in enforcing and exploiting a group of laser- related patents through a licensing program and derives its revenues and incomes through its 64 percent interest in these laser patents. AutoFinance Group is engaged in acquiring non-prime retail automotive installment sales contracts, originated primarily by franchised new automobile dealers. -0- 6/1/92 /CONTACT: Frank Borman, chairman, or Richard Laitinen, treasurer, of Patlex, 505-524-4050/ (PTLX AUFN) CO: Patlex Corp.; AutoFinance Group Inc. ST: New Mexico, Illinois IN: AUT FIN SU: TNM
CH-JL -- LA006 -- 5488 06/01/92 08:03 EDT
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|Date:||Jun 1, 1992|
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