DRS plans private placement of common stock with current shareholders

Sale believed to be the most cost effective way to meet capital needs

By Devika Patel

Knoxville, Tenn., Sept. 29 - DRS Inc. will price a private placement of stock, according to a 10-K filed Thursday with the Securities and Exchange Commission. It plans to hire a broker to assist with this sale.

The company said it needs new capital in order to move forward. It will sell shares to individuals who either are current shareholders or are sufficiently familiar with the company to evaluate the risks associated with this offering.

The company said it believes a private placement will be the most cost effective way to meet its capital needs.

Based in Renton, Wash., DRS removes drywall and other rubbish from construction sites for disposal and recycling.

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