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U.S. PAWN ANNOUNCES SUCCESSFUL COMPLETION OF COMMON STOCK PURCHASE WARRANT EXERCISE

 U.S. PAWN ANNOUNCES SUCCESSFUL COMPLETION
 OF COMMON STOCK PURCHASE WARRANT EXERCISE
 DENVER, April 28 /PRNewswire/ -- U.S. Pawn Inc. (NASDAQ: USPN) announced today that the company has successfully completed the exercise period for its Class 'B' Common Stock Purchase Warrants. The company received gross proceeds of $1,199,998.50 through the exercise of 2,399,997 Warrants. The total represented 99.9 percent of the maximum gross proceeds available to the company from the exercise.
 In announcing the completion of the exercise, Fred Baker, U.S. Pawn's chief financial officer, stated, "We are very pleased with the results of this offering, and the support for our growth plans exhibited by the brokerage firms that were involved with the exercise, including Franklin Lord Inc., the firm whose clients exercised the majority of the Warrants."
 The company further stated that the proceeds of the warrant exercise will be sufficient to fund the company's current expansion plans. A large portion of the proceeds will initially be utilized to pay down the company's recently extended bank credit facilities, thereby reducing interest expense.
 As previously reported, U.S. Pawn recently experienced record results for its second quarter and six months ended March 31, 1992, with revenues for the quarter advancing 61.9 percent for the quarter, to $1,433,379, from the $885,218 reported in the year earlier period. Income from operations and net income increased 209 percent to a record $122,475, compared to the year earlier $39,558. Earnings per common share were 1 cent, up from less than 1 cent for the year earlier period, on 9,607,988 versus 7,323,136 weighted average common shares outstanding, respectively.
 Revenues for the six months advanced 45.7 percent, to $2,632,280, from the $1,806,281 reported in the year earlier period. Income from operations and net income increased 64.5 percent to a record $233,763, compared to the year earlier $142,129. Earnings per common share were 2 cents, unchanged from the year earlier period, on 9,434,458 versus 7,315,273 weighted average common shares outstanding, respectively.
 U.S. Pawn, the largest operator of pawnshops in Colorado, has recently expanded to seven locations from five at year end 1991, and expects to open at least two additional locations in coming months.
 -0- 4/28/92
 /CONTACT: Fred Baker of U.S. Pawn, 303-571-4704; or Harvey Cohen or Cary Polevoy of Phenix Investor Relations, 800-383-9081 or 303-573-0210, for U.S. Pawn/
 (USPN) CO: U.S. Pawn Inc. ST: Colorado IN: SU:


MC -- DV006 -- 3703 04/28/92 11:06 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
Words:435
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