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Exchange of stock

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Exchange of stock
Acquisition of another company by purchase of its stock in exchange for cash or shares.

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354 generally provides that, in most tax-free reorganizations, no gain or loss is recognized to a shareholder on an exchange of stock for stock, or on an exchange of securities for stock or securities of the same or lesser principal amount.
Procedures for the exchange of stock certificates were included in the Company's prospectus dated July 31, 2003.
In Southern California, PMI is in final stages of negotiation for an acquisition by exchange of stock of a heavy industrial construction company.
 
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