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PHARMACONTROL ANNOUNCES THE COMPLETION OF ITS EXCHANGE OFFER

 PHARMACONTROL ANNOUNCES THE COMPLETION OF ITS EXCHANGE OFFER
 ENGLEWOOD CLIFFS, N.J., April 14 /PRNewswire/ -- Pharmacontrol Corp. announced today that it has completed its exchange offer of $325 principal amount 8.25 percent convertible subordinated debentures, due June 15, 2002 ("$325 debentures"), for its outstanding $1,000 principal amount convertible subordinated debentures, due June 15, 2002 ("$1,000 debentures"). A total of $2,089,000 principal amount $1,000 debentures were exchanged for $325 debentures, thereby resulting in an annual savings to the company in interest payments of approximately $111,000 and a reduction in principal payments upon maturity of approximately $1,410,000.
 As a result of the completion of the exchange offer, the final option to acquire shares of the company's common stock has vested in favor of ICC Industries, Inc. ("ICC"), a major international manufacturer and marketer of chemical, plastic and pharmaceutical products. Such option entitles ICC to purchase 36.67 percent of the company's outstanding common stock at an exercise price of $.25 per share (subject to adjustment). ICC has, to date, presently exercisable options to purchase 30 percent of the company's outstanding common stock. Accordingly, ICC now maintains options to acquire a total of 66.67 percent of the company's outstanding common stock, thereby giving ICC beneficial control of the company. ICC has not yet indicated any intention to exercise such options. ICC's options to acquire 10 percent of the company's common stock expire in June 1992, options to acquire 20 percent expire in September 1992 and the remaining options to acquire 36.67 percent expire in July 1993.
 The company is primarily engaged in the manufacture and distribution of over-the-counter solid dosage pharmaceutical products in tablet, caplet and capsule form, which are sold under its customers' private labels.
 -0- 4/14/92
 /CONTACT: Lynn Riccadelli of Pharmacontrol, 201-567-9004/ CO: Pharmacontrol Corp. ST: New Jersey IN: MTC SU:


GK-SM -- NY053 -- 8320 04/14/92 13:26 EDT
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Publication:PR Newswire
Date:Apr 14, 1992
Words:322
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