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SKOLNIKS INC. ANNOUNCES UNIT BREAK-UP, AND 3 FOR 2 SPLIT

 SKOLNIKS INC. ANNOUNCES UNIT BREAK-UP, AND 3 FOR 2 SPLIT
 MOORESTOWN, N.J., Oct. 8 /PRNewswire/ -- Skolniks Inc. (NASDAQ: SKNS-common stock, SKNSU-units, and SKNSP-convertible preferred stock), through its co-chairman William P. Williams, today announced that at the underwriters request the Skolniks Inc. Units (symbol-SKNSU), made up of two shares of common stock (symbol-SKNS) and one new five year warrant (symbol-SKNSZ), exercisable at $6.00 per share under terms of the prospectus dated April 23, 1992, will be eliminated and the components only will begin trading on Oct. 14, 1992.
 Williams went on to say; "In order to increase the trading liquidity, a three for two split of the company's common stock, preferred stock, old warrants, and new warrants, with a record date of Oct. 27, 1992, will be effected. The terms of the securities will be adjusted according to their respective agreements, but generally as follows:
 "Ten percent cumulative convertible preferred stock holders will receive one additional share for each two existing shares held on record date. The liquidation value will be adjusted to $5.00 per share and the annual dividend to $.50. Conversion will remain share for share into the common. The preferred will be redeemable by the company beginning May 1, 1993 at $5.50 per share.
 "Prior Public Warrant (symbol-SKNSW) holders, will be entitled to one additional warrant for each two warrants held on record date, making the new total outstanding 168,750 (after adjusting for the Feb. 26, 1992 reverse split of one for 10 and the current split of three for two.) Each warrant entitles the holder to purchase one share of common stock at $33.67 per share, adjusting for the splits, until July 26, 1993, then $40.00 per share, until expiration on July 26, 1994.
 "New Warrant (symbol-SKNSZ) holders will receive one additional warrant for each two new warrants held on record date. The total new warrants outstanding will then be 525,000. Each new warrant will then entitle the holder to purchase one share of common stock for $4.00 per share. Expiration date on these warrants will be April 23, 1997."
 -0- 10/8/92
 /CONTACT: Bill Williams, co-chairman of Skolniks Inc., 512-490-0091/
 (SKNS) CO: Skolniks Inc. ST: New Jersey IN: SU:


AH -- NY072 -- 7945 10/08/92 14:15 EDT
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Publication:PR Newswire
Date:Oct 8, 1992
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