LOS ANGELES--(BUSINESS WIRE)--Nov. 6, 1997--Struthers Industries, Inc. (OTC:SIIS) announced today that it has
acted to stabilize its securities by reaching agreement with the majority of its remaining debenture holders for an orderly
redemption plan, whereby the $6,085,229 debenture balance owed them will be repaid over 12 months. Furthermore, these
debenture holders have instructed J.P. Carey, the custodian of 4,675,000 common shares of Struthers, to return their
proportionate shares to WINCO Corp., the majority shareholder of Struthers Industries. Struthers Chairman Raoul L.
Carroll said Struthers soon expects to be in agreement with up to 80 percent of its debenture holders.
Struthers Industries, through its acquisition of WINCOM Corp., is a telecommunications company concentrating in advanced
utility automation and data services utilizing IVDS (Interactive Video and Data Services) wireless technology. Struthers recently
announced a Definitive Agreement with INFOTEX, Ltd. to combine IVDS and Assure EC(tm), the first and only National
Security Agency-approved C-2 Class operating system, for application in secure wireless and Internet communications.
CONTACT: Struthers Industries, Inc.
Raoul L. Carroll, Chairman, 310/557-1875
or
Sitrick and Company
James Bourne, 310/788-2850 |
