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UNIQUE MOBILITY ANNOUNCES PRIVATE PLACEMENT OF CONVERTIBLE DEBENTURE

UNIQUE MOBILITY ANNOUNCES PRIVATE PLACEMENT OF CONVERTIBLE DEBENTURE
 DENVER, Nov. 26 /PRNewswire/ -- Unique Mobility Inc. announced today that it is negotiating an agreement with Advent International Corp. (Boston) for the purchase of a $1,000,000 8 percent secured subordinated convertible debenture with warrants. Net proceeds from the sale will be used for working capital and other general corporate purposes.
 The debenture will provide for quarterly payments of interest commencing Jan. 1, 1992, and six equal quarterly payments of principal plus accrued interest commencing July 1, 1996. The debenture may be prepaid in full at any time after Jan. 1, 1995, subject to certain conditions. Further, the debenture is convertible into common shares of the company at any time at the lower of the average market price of the common stock for the 30-day period prior to conversion or $1.80 per share.
 Coincident to the issuance of the debenture, Unique will grant to Advent seven year warrants to acquire 575,000 shares of the company's common stock at the lower of the average bid price of the company's common stock for the 30-day period immediately prior to exercise or $2.40 per share.
 Closing of the transaction, which is subject to the negotiation of a definitive agreement, approval of the board of directors of Unique and approval of the investment committee of Advent, if approved, is expected to occur in January 1992.
 Advent is a venture capital company owned and funded by various industrial organizations including ABB Asea Brown Boveri Ltd. (Zurich), Nippon Steel Corp. (Tokyo), Aluminum Co. of America (Pittsburgh) amongst others.
 Separately, Unique has agreed to negotiate exclusively with Asea Brown Boveri Ltd., for the purpose of establishing a strategic relationship within Europe for the commercial development, production and sale of energy efficient electric motor technology owned by Unique and Alcan Aluminum Ltd. (Montreal).
 Ray Geddes, the president of Unique, said, "Although Unique does not at the present time need additional funds, we hope that this transaction will result in strategic relationships with Advent's investors, particularly ABB Asea Brown Boveri which is developing a 'next generation' electric vehicle battery for several of our automotive customers."
 Unique is an Englewood, Colo.-based engineering concern active in the design and development of electric motors and related electronic controls for automotive, aerospace and general industrial applications.
 -0- 11/26/91
 /CONTACT: Ray A. Geddes or John S. Gould of Unique Mobility, 303-761-2137/ CO: Unique Mobility Inc.; Advent International Corp. ST: Colorado IN: CPR SU:


KJ-CH -- DV005 -- 7157 11/26/91 09:03 EST
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Publication:PR Newswire
Date:Nov 26, 1991
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