Gish Nets $736,283 as Holders Convert Warrants Into Stock
Gish Biomedical Inc. announced Monday that it received $736,283 in proceeds from its recently concluded warrant conversion program.
The Santa Ana company, which makes disposable medical products, allowed holders of warrants issued during its May, 1982, initial public offering to convert them to newly issued stock at a price of $3 per share. According to Collis Woodward, Gish’s chief financial officer, 88% of the 274,000 eligible warrants were converted.
Company executives said the money would be used to reduce long-term debt, pay short-term obligations and expand manufacturing capabilities.
CompuSave Corp. of Irvine announced Monday that Southland Corp. of Dallas, operator of 7-Eleven convenience stores, has agreed to test the Touch-n-Save electronic discount shopping network, a move that could bring CompuSave the largest order of its young life.
A CompuSave spokesman said that if the test in the Tyler, Tex., 7-Eleven outlets is successful, Southland would begin to exercise an option to buy 6,400 Touch-n-Save units for its stores nationwide. For the test, Southland purchased seven units at a total cost of $52,500.
However, if Southland exercises its option, it would far exceed any business that CompuSave has generated in the three years since it developed an electronic system that allows shoppers in supermarkets and other locations to purchase brand-name merchandise through CompuSave at discounts of at least 25%.