Franklyn Ophthalmic Instruments

Going public via proposed offering of 1.25 mil. units at $4 each. The units consist of one share of common stock and one Class A common stock purchase warrant. Each warrant allows the holder to purchase one share of common stock at an exercise price of $5 for a period of five years from the date of the prospectus. The Securities and Exchange Commission filing also covers 200,000 shares of common stock offered by selling stockholders and bridge lender's warrants to purchase 625,000 units, from which the company will not receive proceeds. J. Gregory & Company is underwriting. The Hayward, California-based distributor of non-surgical examination instruments says net proceeds of approximately $4 mil. will go towards the payment of subordinated convertible debentures, redemption of "certain shares" of preferred stock issued by the company to bridge lenders, acquisition of inventory, advertising, promotion, and general working capital purposes.