Printer Friendly

UNI-MARTS, INC. ANNOUNCES ELIMINATION OF SUPER MAJORITY VOTING STOCK

 STATE COLLEGE, Pa., Feb. 25 /PRNewswire/ -- Uni-Marts, Inc. (AMEX: UNI) today announced that its stockholders at the Annual Meeting of Stockholders overwhelmingly approved the elimination of its super majority voting rights, so that all stockholders will now have one vote per share on all corporate matters. In addition, the stockholders also approved a one-time special grant of options to purchase 300,000 shares of Uni-Marts' stock to Henry D. Sahakian and Daniel D. Sahakian, the company's two major stockholders. The exercise price of the options will be the closing price of the company's common stock on the American Stock Exchange on Feb. 25, 1993. The closing price on Feb. 23, 1993, was $4.50.
 Henry D. Sahakian, president and chief executive officer of Uni-Marts, Inc., stated, "We are delighted that our stockholders have approved the elimination of the company's super majority voting stock by such an overwhelming majority of the shares voted, not including those held by me and the other major stockholder of the company."
 In addition to the elimination of the super majority voting stock and the granting of stock options, the company's stockholders also approved certain amendments to the company's stock option plan to, among other things, increase the number of shares available for grant, elected directors, including a new independent director, and ratified auditors.
 Uni-Marts, Inc. currently operates 446 convenience stores in Pennsylvania, Virginia, New York, New Jersey, Delaware and Maryland. Self-service gasoline is offered at 309 locations. The company also processes and distributes milk products through its dairy division and distributes home heating oil through its petroleum division.
 /delval/
 -0- 2/25/93
 /CONTACT: J. Kirk Gallaher, senior vice president and chief financial officer of Uni-Marts, Inc., 814-234-6000/
 (UNI)


CO: Uni-Marts, Inc. ST: Pennsylvania IN: REA SU:

CD-ML -- PG007 -- 0409 02/25/93 13:05 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 25, 1993
Words:301
Previous Article:DUFF & PHELPS CREDIT RATING CO. UPGRADES SEVERAL BANK RATINGS
Next Article:MARTECH USA COMPLETES $20.3 MILLION PRIVATE PLACEMENT OF 8-PERCENT CONVERTIBLE SUBORDINATED NOTES DUE 2003
Topics:


Related Articles
UNI-MARTS, INC., DECLARES QUARTERLY CASH DIVIDEND
UNI-MARTS, INC. DECLARES QUARTERLY CASH DIVIDEND
UNI-MARTS, INC. DECLARES QUARTERLY CASH DIVIDEND
UNI-MARTS, INC. DECLARES QUARTERLY CASH DIVIDEND
UNI-MARTS, INC. TO APPLY FOR LISTING OF ITS COMMON STOCK ON THE AMERICAN STOCK EXCHANGE
UNI-MARTS, INC. DECLARES QUARTERLY CASH DIVIDEND
UNI-MARTS, INC. ANNOUNCES PURCHASE OF 315,000 SHARES OF ITS COMMON STOCK
UNI-MARTS, INC. ANNOUNCES FINANCING FOR PROPOSED MERGER WITH DAIRY MART CONVENIENCE STORES, INC.
Uni-Marts, Inc. Stockholder Group Plans to Vote Against Proposals in Proxy Statement.
Uni-Marts Announces Adoption Of All Proposals Submitted For Approval At The Annual Stockholders' Meeting.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters