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L. L. Knickerbocker Signs Agreement With Debenture Holder to Redeem Balance Of $5 Million Convertible Debenture
LAKE FOREST, Calif. -- The L. L. Knickerbocker Co., Inc. (Nasdaq: KNIC) announced today it has signed an agreement with the single institutional holder of its $5 million 6% Convertible Debenture to purchase for cash the remaining unconverted $3 million balance of the debt for 110% of face value. The Shemano Group in San Francisco, California acted as placement agent for the $5 million financing completed in September 1997. The Company will use the proceeds from the sale of a small percentage interest in one of its equity investments to make the purchase buy back which is expected to close by September 1, 1998.
The L. L. Knickerbocker Co., Inc. is a diverse international company with operations in three strategic divisions: collectibles, jewelry and investments. The Company markets all of its products worldwide. Through its investments division, it has equity interests in Arkenol Asia, Inc., Pure Energy Corporation, Ontro, Inc. and Phoenix Environmental Ltd.
For more information visit Knickerbocker's web site at www.knickerbocker.com.
This press release contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, which involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services and prices, and other factors. The Company's actual results could differ materially from those projected in the forward-looking statements as a result of the factors described herein.
/CONTACT: Louis L. Knickerbocker of The L. L. Knickerbocker Co.,
714-595-7900; or Fran Daniels of Financial Sciences of America, 310-278-4413, for The L. L. Knickerbocker Co./
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