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Show The National Enterprise , November 10, 1976 Page ten Process Systems SEC Wants Proxy Change Plans to Merge SANTA ANA, Calif.-Pro- cess Systems Inc. (OTC 2.875, 3.25) has entered into a letter of intent to merge with Powell Electrical Manufacturing Co., a privately held maker of electrical and electronic equipment. PSI will survive as a publicly held company. The preliminary agreement provides for the issuance of about 7.8 million shares of common stock to Powell shareholders. In addition, the company gave Powell its secured convertible subordinated debenture due 1981, which is convertible into approximately 531,000 shares of PSI, in exchange for $500,000. Current value of the entire transaction is about $22.9 Houston-base- d Proposed changes in SEC proxy reporting requirements would require companies to has surrendered a sufficient disclose litigation involving their officers number of shares to the directors. The proposals would also require company's treasury to prevent any dilution over conversion of companies to disclose all memberships held the debenture, PSI said. After by their directors on any committees of the the merger is completed, Sun companys board of directors and all Ventures will own about 5.35 directorships held by those directors in other percent of Process Systems companies that have to report under federal securities law. outstanding shares. The agreement is subject to approval by shareholders and directors of both companies. Powell Electrical Manu- facturing reported operating revenues for the year 1975 in excess of $21 million with net income of approximately $1.8 million. Powells unaudited figures for. the ten months ended Aug. 31 were $20,802,265 in revenues and net income after provision for million. Sun Ventures, Inc., a unit of Sun Oil Co. that' currently federal income taxes of $1,553,156. Shareholders holds 42 percent of Process Systems outstanding shares, million. equity is in excess of $6.5 Blue Chip Stamps Offers to Buy Shares of Wesco Blue Chip Stamps (OTC 15.00, 15.75) has announced it will mail to LOS ANGELES shareholders of Wesco Financial Corp. an invitation for tenders of Wesco stock at $20 a share in cash. If successful, Blue Chips ownership of the Pasadena, Calif, savings and loan hold The SEC also said that it wanted comment on possible reporting provisions that would obligate the company to disclose litigation in which an insider has an interest that may be adverse to the company. "It's an area that we think is significant and should be looked at, an SEC official said. The SEC asked for public comment on the proxy reporting changes and the proposal on insider litigation by Dec. 15. ing company will increase to at least 80 percent from 64 percent. The tender offer is limited to a maximum of 372,000 shares, but Blue Chip has reserved the right to purchase additional shares tendered. Expiration date is Nov. 24, unless extended. Oil & Gas News BffiOK Augment your income with our organization (without leaving yours). Alpha Group Ltd. is a newly formed national marketing network dealing in OTC financial PR advertising. We are currently selecting regional representatives who can-ia few hours a month-augm- ent their current annual income by as much as $10,000. If you are a savvy, PR oriented broker, you can work with us while making your regular corporate contacts. Our proposition is solid, lucrative, and worth your investigation. Im Raymond Peterson. Call me collect at (801) Youll find the details attractive. . OH and Gas Leasing Sparks Interest in Western Utah Oil and gas lease applications on federal land in western Utahs Millard and Beaver counties total some 186,400 acres Stowe, minerals specialist, Utah Geological & Mineral Survey. The lease applications, filed with the Bureau of Land Management, reflect an increased interest in lands adjacent to the Nevada-Uta- h state line. Last week's announcement by Northwest Exploration of an indicated new oil discovery south of Ely in the Railroad Valley area about seven and a half miles west of Nevadas Eagle Springs oil field, has stimulated much interest in the overall western portion of Utah extending from Beaver, Milford and northwest through Some industry spokesmen have the Garrison area. according to Carlton . expressed belief that the renewed interest will lead to definite drilling programs within the two Utah counties. Of the 186,400 oil and gas lease applications filed recently, a Denver lease broker has made applications on just over 134,273 acres. Delbert Grote, Lakewood area, has filed his applications throughout six townships extending from the town of Garrison north to the Millard county line. This area is west of the "Confusion Range and is known as the "Snake Valley region. also of Denver, filed on 21,700 acres Resources, Empire in the San Francisco Mountains and the Wah Wah Valley Amoco Productions lease areas northwest of Milford. cover 20,400 acres west and north of Beaver. applications Several other individual lease brokers, including Ed Pendleton, Percell Leasing, Dean Rowell, and Equity Oil filed on acreage in the area. 533-055- 6. fLPt Salt Lake City Denver oup qjD. n |