MAGELLAN SETS MERGER WITH BALZAC INVESTMENTS
  &lt;Magellan Corp> said its shareholders
  approved the merger of Magellan with &lt;Balzec Investments Inc>,
   a privately held company based in Dallas.
      Magellan, a company without operations that was formed to
  acquire an operating entity, said it plans to engage in the
  development and marketing of a battery charger product owned by
  Balzac.
      Magellan did not disclose the terms of the agreement.
      Following the merger, Balzac shareholders will hold 80 pct
  of the outstanding stock of Magellan, the company said.
     
      Magellan said it will be the surviving corporation
  following the merger.
      The companies said they expect the merger will occur after
  the declaration of effectiveness of an amendment to Magellan's
  registration statement relating to its common stock purchase
  warrants and the underlying shares.
  

