MSGI Completes $30 Million Stock Sale

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Diversified direct marketing concern Marketing Services Group Inc.,

New York, said Friday that it completed a $30 million private

placement of its Series E convertible preferred stock. The company

said the shares were purchased by Credit Suisse First Boston affiliate

Marshall Capital Management by funds managed by Rose Glen Capital

Management. The proceeds from the stock sale will be used for general

working capital and minority Internet investments. MSGI, which

describes itself as an Internet incubator, owns several direct

marketing and Internet businesses, including WiredEmpire.

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