SULCUS COMPUTER COMPLETES CONVERSION OF CLASS A COMMON STOCK PURCHASE WARRANTS
SULCUS COMPUTER COMPLETES CONVERSION
OF CLASS A COMMON STOCK PURCHASE WARRANTS
GREENSBURG, Pa., Dec. 10 /PRNewswire/ -- Sulcus Computer Corporation (NASDAQ: SULC), a leading developer of automated systems for the lodging, legal and real estate markets, announced today that a total of 2,507,570 of its class A common stock purchase warrants have been exercised into a similar number of shares of the company's common stock as of the close of business Dec. 9, 1991. At an exercise price of $2.80 per share, total proceeds to the company were $7,021,195. On Nov. 11, 1991, Sulcus announced that it had elected to redeem all outstanding class A warrants on Dec. 9, 1991 at a redemption price of $0.05 per warrant. A total of 99.99 percent of the warrants were exercised.
Jeffrey S. Ratner, chairman and chief executive officer, said, "The exercise of our class A warrants increases the company's cash to approximately $11 million, which can be used in the continuation of our program of acquisition and consolidation in the automation of the lodging, legal and real estate industries."
With the conversion of virtually all of its class A warrants, the number of outstanding shares of Sulcus common stock has been increased to 8,266,995.
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/CONTACT: Jeffrey S. Ratner, chairman and chief executive officer, or John W. Ryba, general counsel, 412-836-2000, both of Sulcus Computer/
(SULC) CO: Sulcus Computer Corporation ST: Pennsylvania IN: CPR SU: FC-OS -- NY036 -- 1057 12/10/91 13:44 EST