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Page America Group, Inc. Of New York Files SEC FORM 8K
WASHINGTON, DC, Jul. 24, 1997 (States) -- ITEM 2: Pursuant to an
Amended and Restated Asset Purchase Agreementdated January 30, 1997, as
amended, on July 1, 1997 Page America Group, Inc. sold substantially
all of its assets to Metrocall, Inc. in exchange for consideration
consisting of $25 million in cash, 1,500 shares of Series B Junior
Convertible Preferred Stock of Metrocall having a value upon
liquidation or redemption of $15 million and
3,997,458 shares of Common Stock of Metrocall.In connection with the
Agreement, Page America adopted a plan of complete liquidation and
dissolution providing for the liquidation of Page America and its
dissolution as a corporate entity. The number of shares of Common
Stock received by Page America pursuant to the Agreement will be
subject to adjustment based on Page America's actual working capital at
June 30, 1997. The shares were granted registration rights, upon
conversion of the Series B Junior Convertible Preferred Shares. The
purchase price and all terms relating to the transaction were based on
arm's length negotiations.
FILING DATE: 7/14/97 REPORT DATE: 7/1/97 RECEIPT DATE: 7/23/97
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