New Image Clarifies Terms of Proposed Spinoff
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New Image Industries Inc. in Canoga Park has clarified the terms of the proposed spinoff of its Styles On Video Inc. subsidiary.
As previously announced, New Image stockholders of record Monday will get one common share of Styles On Video on March 10 for every five New Image shares they hold.
But in its clarification, New Image said Styles On Video concurrently plans to distribute to its new stockholders one right to purchase an additional share of Styles On Video common stock, for $6 a share, for every share they already hold.
The rights expire March 17.
New Image makes computerized imaging equipment, mainly for dentists. Styles On Video makes similar systems for beauticians and hairdressers.
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