BCB Reports Completion of Previously Announced Private
Placement
MARKHAM, ONTARIO--BCB Holdings Inc. reported today it has
completed a previously announced private placement of $510,000,
principal amount, 12 percent unsecured Notes due May 31, 2000,
convertible into common shares of the Company. The proceeds of
this issue will primarily be used to finance the build of the
first 1,500 "PC-DART micro" digital hand held recorders to be
launched by BCB this summer.
Ken Murton, Chairman and CEO of BCB stated, "This issue was placed
with several directors and officers of the Company, on a non-arm's
length basis, and with one major, outside investor, on an arm's
length basis."
He added, "The Notes are fully convertible at the option of the
holder at any time on or before May 31, 1999 into common shares of
BCB at a price of $0.20 and, if not converted during this period,
at a price of $0.25 thereafter and on or before May 31, 2000.
Each $1,000 principal amount of Notes will bear non-transferable
warrants entitling the holder to purchase up to 2,500 common
shares of the Company at a fixed price of $0.25 at any time on or
before May 31, 2000."
Murton noted, "As already reported to shareholders, successful
completion of current discussions with prospective strategic
alliance partners should have a positive impact on BCB. Pending
completion of such an alliance (and no guarantee may be given at
this time as to consummation or timing of any alliance), we at BCB
elected to complete this interim financing to permit introduction
of our dynamic new product, the PC-DART micro."
BCB Holdings Inc. owns and operates BCB Technology Group, a
developer of innovative systems and services in computer-based
voice processing markets, and Granville Research Inc., which
designs and implements Internet-based networks. BCB means Better
Communication in Business. |
