Meridian National Corp. said it sold 750,000 shares of its common stock to the McAlpine family interests, for $1 million, or $1.35 a share. The sale represents 10.2% of Meridian's shares outstanding.  

The McAlpine family, which operates a number of multinational companies, including a London-based engineering and construction company, also lent to Meridian National $500,000. That amount is convertible into shares of Meridian common stock at $2 a share during its one-year term. The loan may be extended by the McAlpine group for an additional year with an increase in the conversion price to $2.50 a share.  

The sale of shares to the McAlpine family along with the recent sale of 750,000 shares of Meridian stock to Haden MacLellan Holding PLC of Surrey, England and a recent public offering have increased Meridian's net worth to $8.5 million, said William Feniger, chief executive officer of Toledo, Ohio-based Meridian.