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URETHANE TECHNOLOGIES INC. ANNOUNCES SIGNING OF LETTER OF INTENT

 URETHANE TECHNOLOGIES INC. ANNOUNCES SIGNING OF LETTER OF INTENT
 IRVINE, Calif., March 3 /PRNewswire/ -- Urethane Technologies Inc. ("UT") (OTC Bulletin Board: UTI1) today announced that it has signed a letter of intent with an underwriter to sell 870,000 shares of its common stock in a public offering. With the sale of additional shares pursuant to the exercise of an overallotment option to the underwriter, the total shares sold in the proposed offering could equal as much as 1 million shares.
 The 870,000 shares anticipated to be sold by UT will be newly issued shares. UT had 7,009,894 shares outstanding as of Feb. 28, 1992. The letter of intent calls for a .72 reverse stock split and an offering price which will not exceed $5 per share on a post reverse split basis.
 Any offering of shares will only be made through a final prospectus upon a registration statement becoming effective.
 -0- 3/3/92
 /CONTACT: James Frakes of Urethane Technologies, 714-837-0800/
 (UTI1) CO: Urethane Technologies ST: California IN: SU: OFR


KJ-JL -- LA029 -- 4735 03/03/92 19:18 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 3, 1992
Words:183
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