Panacolor Magazine Projector

The company is engaged in the sale of an audio-visual unit called the Panacolor Magazine Projector and the preparation of the film in film cartridges displayed by the Projector. Production and sales have been minimal. In addition to indebtedness, preferred stock and warrants, the company has outstanding 1,672,861 common shares, of which management officials own 1.9%. Irwin Schloss is board chairman and Charles L. Greenebaum president. The selling stockholders include Axe Houghton Stock Fund Inc. (30,000 shares), Axe Science Corporation (60,000), James Gilligan (20,803) and North Rankin Nickel Mines Ltd. (28,540).