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SKOLNIKS ANNOUNCES SUCCESSFUL COMPLETION OF ITS EXCHANGE OFFER

 SKOLNIKS ANNOUNCES SUCCESSFUL COMPLETION OF ITS EXCHANGE OFFER
 LOUISVILLE, Ky., April 13 /PRNewswire/ -- Skolniks, Inc., (NASDAQ: SKNSC) owner and franchiser of Skolniks Bagel Bakery Restaurants, through its Chairman Joe Love, today announced the successful completion of its previously announced exchange offer for its 10 percent convertible subordinated debentures due 1996, subject only to the successful completing of its $3.5 million equity units offering. Debenture holders were offered the opportunity to convert each $1,000 debenture into 149 shares of its new Series A 10 percent Cumulative Convertible Preferred. Slightly more than two thirds of the $3,250,000 face value bonds were tendered for conversion. The company has accepted all that were tendered and will not extend the offering.
 The preferred stock is convertible into common stock on a share for share basis, commencing one year after the date of issuance and will pay semi-annual dividends of 10 percent per annum according to the prospectus. The expiration date for this offering was April 7, 1992. The exchange offering closing is now contingent on the company raising additional equity of at least $1,500,000, which will be more than satisfied by the now amended $3.5 million unit offering.
 Joe Love, chairman and CEO stated, "We are extremely pleased by the favorable response we received from our bond holders in accepting the exchange. Our original goal was to have at least two thirds of our bonds convert and we exceeded this goal. The primary significance to the company is the conversion of $2.2 million of short term debt to shareholders equity."
 -0- 4/13/92
 /CONTACT: Joe Love, chairman/CEO of Skolniks, 405-848-1581/
 (SKNSC) CO: Skolniks, Inc. ST: Kentucky IN: LEI SU: OFR


SH -- NY062 -- 7822 04/13/92 13:49 EDT
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Publication:PR Newswire
Date:Apr 13, 1992
Words:294
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