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National Taxmasters Inc., a tax-form preparer, is working with a local underwriter to raise $2 million for an expansion into the southeastern United States.
The company, which will consolidate its Solana Beach and Mission Viejo bases in a new Mission Valley headquarters next month, targets a middle-class clientele by selling its services through booths in 17 California TG&Y and J.J. Newberry stores.
Leonard Molnar, president of National Taxmasters, said his company hopes to expand into Florida and Georgia with $2 million raised in the public offering. National will file documents with the Securities and Exchange Commission within 60 days to allow 10 percent of its shares to be distributed as dividends to shareholders of Exten Ventures Inc., the San Diego-based underwriter that is coordinating the offering.
The shares of National Taxmasters will be given to Exten in lieu of a fee for merchant banking services. Both Exten's and National Taxmasters' stock will be listed on the Philadelphia Stock Exchange. The exact number of shares and warrants to be issued has not been determined, said Bill Aul, Exten's vice president, secretary and general counsel.