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TOWER AIR, INC., ANNOUNCES FILING FOR INITIAL PUBLIC OFFERING OF COMMON STOCK

 NEW YORK, Sept. 21 /PRNewswire/ -- Tower Air, Inc., announced the filing of a registration statement with the Securities and Exchange Commission relating to the proposed initial public offering of 3,750,000 shares of common stock, 3,125,000 of which are to be sold by the company and 625,000 of which are to be sold by certain current stockholders. It is currently anticipated that the initial public offering price will be between $14.50 and $17.50 per share. The company plans to use the proceeds from the offering to repay outstanding indebtedness and for working capital, for general corporate purposes and for capital expenditures. The shares will be offered by an underwriting group managed by Goldman, Sachs & Co., Lehman Brothers and Morgan Stanley & Co. Incorporated.
 Tower Air, Inc., provides mainly long-haul scheduled and charter passenger air services in diverse domestic and international markets that the company believes can profitably be served by its fleet consisting exclusively of Boeing 747 aircraft.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
 -0- 9/21/93
 /CONTACT: Morris Nachtomi, president, chairman and chief executive officer of Tower Air, Inc., 718-553-4300/


CO: Tower Air, Inc. ST: New York IN: AIR SU: OFR

TW -- NY057 -- 4190 09/21/93 13:09 EDT
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Publication:PR Newswire
Date:Sep 21, 1993
Words:297
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