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QUADRAX CORPORATION ANNOUNCES PROCEEDS OF APPROXIMATELY $2 MILLION THROUGH REDEMPTION OF WARRANTS

 PORTSMOUTH, R.I., Nov. 23 /PRNewswire/ -- Quadrax Corporation (NASDAQ: QDRX), a leading supplier of high-performance thermoplastic composite materials, has raised proceeds of approximately $2 million through the exercise of its privately held Class E Warrants, Richard A. Fisher, chairman and CEO, announced today.
 Mr. Fisher stated that "proceeds of the warrant redemption will be used for general working capital purposes, as well as for the purchase of inventory in preparation for the Kunnan contract."
 Quadrax announced earlier this month that it had received commitments from Kunnan Enterprise, Taiwan, for an initial $2 million thermoplastic materials order for the manufacture of tennis racquets in 1994.
 -0- 11/23/93
 /CONTACT: Richard A. Fisher, chairman and CEO of Quadrax Corporation, 401-683-6600/
 (QDRX)


CO: Quadrax Corporation ST: Rhode Island IN: CHM ARO CPR SU:

LD -- NY004 -- 7102 11/23/93 08:00 EST
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Publication:PR Newswire
Date:Nov 23, 1993
Words:140
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