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THREE-FIVE SYSTEMS INC. PURCHASES CLASS B PREFERRED STOCK

 THREE-FIVE SYSTEMS INC. PURCHASES CLASS B PREFERRED STOCK
 PHOENIX, June 8 /PRNewswire/ -- Three-Five Systems Inc. (AMEX: TFS.EC SM) announced today that it has purchased all of its outstanding class B preferred stock from National Semiconductor (NYSE: NSM) (NSC) for a total cash sum of $482,500. Three-Five Systems, the former Opto Electronics division of NSC, had issued this preferred stock to NSC in exchange for seller notes in a recapitalization plan that took place in late 1987. The shares were convertible into approximately 11.6 percent of Three-Five's common stock on a fully diluted basis.
 "We believe this purchase will benefit our shareholders because the shares they currently hold have increased in equity ownership by approximately 13 percent as a result of the buy-back," commented Chairman and Chief Executive Officer David R. Buchanan.
 Three-Five Systems is a leading supplier of LCDs to cellular telephone and office automation equipment manufacturers. The company designs, manufactures and markets LED and LCD display systems and keypads as well as discrete optoelectronic components internationally. Worldwide headquarters are maintained in Phoenix with European headquarters located in Swindon, England. Manufacturing facilities include Manila, the Philippines, and the newly opened technology center in Phoenix. The technology center houses a LCD laboratory, clean room and assembly area for the production of prototypes and low quantity manufacturing.
 -0- 6/8/92
 /CONTACT: David R. Buchanan or Kenneth M. Julien of Three-Five Systems, 602-496-0035/
 (NSM TFS.EC) CO: Three-Five Systems; National Semiconductor ST: Arizona IN: CPR SU:


KJ -- LA008 -- 7871 06/08/92 11:31 EDT
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Publication:PR Newswire
Date:Jun 8, 1992
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