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SERVTEX INTERNATIONAL DECLARES INITIAL PREFERRED DIVIDEND

 SERVTEX INTERNATIONAL DECLARES INITIAL PREFERRED DIVIDEND
 NEW YORK, April 27 /PRNewswire/ -- The board of directors of Servtex International Inc. (NASDAQ: SVTXU, SVTXP, SVTX, SCTXW) has today declared an initial cash dividend of eight cents per share on the company's eight percent senior convertible preferred stock payable on June 1 to holders of record May 15, 1992.
 The company noted that its eight percent senior convertible preferred stock bears annual cumulative dividends at the rate of 24 cents per share payable semiannually on May 31 and November 30 of each year. Because the eight percent senior convertible preferred stock was issued as part of the company's initial public offering on Jan. 30, 1992, the initial dividend of eight cents per share represents payment for only four months rather than the 12 cents per share indicated for a normal full six month semiannual period.
 Servtex International also announced that it had requested NASDAQ to permit delisting effective at the close of trading on April 29 of its initial public offering unit (SVTXU) -- and only of the unit itself -- which consists on one share of common stock (SVTX), one share of eight percent senior convertible preferred stock (SVTXP) and one redeemable warrant to purchase one half share of common stock (SVTXW).
 The company stated that sufficient trading had been established in each of the components of the unit over the past 90 days to allow the launch vehicle unit to be delisted. Trading of the eight percent preferred stock, common stock and redeemable warrants would continue.
 Servtex International Inc. earns commissions by bringing together foreign cotton knitwear manufactures and their U.S. customers; sells its own proprietary line of Classic Comfort(TM) cotton baby and adult diapers, and is currentlnd the workplace.
 -0- 4/27/92
 /CONTACT: Jonathan Rosenberg, president of Servtex International, 212-564-2700, or Warren Cavior of the Cavior Organization, 212-687-6070, for Servtex International/
 (SVTX) CO: Servtex International Inc. ST: New York IN: HOU SU: DIV


TS-SM -- NY038 -- 3141 04/27/92 12:11 EDT
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Publication:PR Newswire
Date:Apr 27, 1992
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