Rexon reached an agreement on a financing pact.

Rexon Inc. said a group of investors led by the investment banking firm of Hambrecht & Quist Inc. would provide private equity financing of about $6 million, and Q. T. Wiles, chairman of Hambrecht & Quist, would become chairman of Rexon. While terms and conditions of the financing are still being negotiated, it is expected that the investor group would receive debentures convertible into equity at a conversion price that will not exceed $2 per share of common stock. The proposal also contemplates issuing warrants for additional Rexon common stock to Hambrecht & Quist and to Wiles.