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Wednesday January 27, 12:33 pm Eastern Time
Executone up as spin-off advances
NEW YORK, Jan 27 (Reuters) - Shares of Executone Information Systems Inc. were up 40
percent on Wednesday after the company said holders of its preferred stock had approved
the terms of the proposed spin-off of Executone's Internet lottery unit.
Executone's shares were up $1 to $3.50. The stock, which only a month ago traded at less than $1, touched a new 52-week
high of $4.125 earlier in the session.
The company said the action by its preferred-stock holders may accelerate the spin-off of eLottery Inc., which provides
systems, applications and services for lottery products via the Web, by 30 to 45 days.
The approval eliminates the need for a proxy solicitation and special shareholder meeting, Milford, Conn.-based Executone
said.
Executone has hired Jefferies & Co. to assist in the spin-off.
Executone plans to distribute to its shareholders 85 percent of the common equity of eLottery, formerly known as Unistar
Gaming Corp., and exchange the rest for outstanding Executone Series A and Series B preferred shares.
Executone develops voice and data communications systems, including telephone systems, voice mail systems and specialized
healthcare communications systems. |
