MJXC PP
SAN DIEGO, July 11 /PRNewswire/ -- The Majestic Companies, Ltd.
(OTC Bulletin Board: MJXC) a manufacturer of a revolutionary bar type safety
restraint for the school bus industry and a state certified builder of
re-locatable modular school classrooms is pleased to announce that it has
closed on a private placement totaling $2.52 million. The financing has been
structured as a $2 million dollar Equity Line of Credit and a $520,000 4%
Convertible Debenture. The Equity Line of Credit was funded by an
institutional investor and is backed by a 4% Convertible Debenture due in
2005. The $2.0 million line will become available upon the filing of an
effective registration statement by the Company which registers the underlying
shares. The private placement was coordinated through The May Davis Group, an
investment banking firm with offices in New York and Baltimore. May Davis has
been retained by the Company to provide ongoing investment banking services.
Mr. Francis A. Zubrowski, Majestic's Chairman and CEO, stated, "I am
extremely pleased with this recent event. This financing not only enables the
Company to continue its strategy of penetrating the school bus safety market
and the modular classroom construction boom, it also gives us the ability to
explore additional situations that could serve to further add value for our
shareholders."
The Majestic Companies, Ltd. is a holding company that manufactures:
re-locatable modular classrooms and commercial structures in Modesto,
California through its' wholly owned subsidiary: Majestic Modular Buildings,
Ltd., and; transportation related safety equipment, including the
SAFE-T-BAR(TM), an innovative school bus occupant restraint system, through
its' wholly owned subsidiary Majestic Transportation Products, Ltd.
Additional information can be obtained by visiting the Company's websites
at: www.themcl.com and www.safe-t-bar.com
Note: Certain statements in this news release may contain forward-looking
information within the meaning of Rule 175 under the Securities Act of 1933
and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to
the safe harbor created by those rules. All statements, other than statements
of fact, included in this release, including, without limitation, statements
regarding potential future plans and objectives of the company, are
forward-looking statements that involve risks and uncertainties. There can be
no assurance that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in such
statements. Majestic Transportation Products, Ltd. is a wholly owned
subsidiary of The Majestic Companies, Ltd.
SOURCE The Majestic Companies, Ltd.
-0- 07/11/2000
/CONTACT: Investor Relations: Michael Manion, Continental Capital,
407-682-2001, for The Majestic Companies, Ltd./
/Web site: safe-t-bar.com
/Web site: themcl.com
(MJXC)
CO: Majestic Companies, Ltd.; May Davis Group; Majestic Modular Buildings;
Ltd.; Majestic Transportation Products, Ltd.
ST: California
IN: CST TRN
SU:
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