2/25/00 -
European Financing Assures Long Term Development and Acquisition
CRYOPAK INDUSTRIES INC. ("CII-V") - European Financing Assures Long-Term Development
and Acquisition - for Cryopak Industries.
Mr. Harry Bygdnes, President of Cryopak Industries Inc., is pleased to announce that a convertible
loan in the amount of CDN $3,637,500 has been arranged with a European investment group
headquartered in Geneva, Switzerland. The loan will have a term of three (3) years and will bear
interest at the rate of 10% per year, payable annually.
The principal amount of the loans will be convertible into units (each unit consisting of one common
share and one-half non-transferable share purchase warrant) at the rate of $1.25 per unit in the first
year, $2.00 per unit in the second year and $3.00 per unit in the third year. However, no more than
one-third of the principal amount may be converted during each year. Each full warrant will be
exercisable for one common share, for a period of two years (but not beyond the maturity date), at an
exercise price equal to the applicable conversion price at the time of exercise.
The company will pay a finder's fee of 10% of the proceeds in cash.
The proceeds of the private placement are planned to be utilized to complete the purchase of
Northland Ice Gel Inc. and Northland Custom Packaging and for general working capital purposes.
Cryopak Industries announced on September 15 and 17, 1999 an agreement in principle to purchase
these companies, but it has been necessary to firstly raise the appropriate financing.
The financing and acquisition of these profitable companies will allow Cryopak to become a complete
"Cold Chain" solutions provider. The strategic addition of Northland's products fills out Cryopak's
product offering. Marketing synergies between the companies will allow Cryopak to achieve
significant sales goals.
Cryopak Industries Inc. develops, manufactures and markets temperature-controlling products and
packaging systems for the transport of pharmaceuticals, seafood, airline food and beverages, and for
Internet directed retail and commercial shopping networks. The Company is headquartered in
Vancouver, British Columbia and is traded on the Canadian Venture Exchange under the symbol CII.
For more information about Cryopak Industries Inc. or its patented products, visit the company's web
site at www.cryopak.com or call toll free (800) 667-2532.
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release, and the financing outlined above is subject to regulatory
approval. TEL: (800) 667-2532
Harry Bygdnes, President & CEO or TEL: (604) 685-3616
Adam Rabiner, Investor Relations
Cryopak Industries Inc.
______________________________________
(c) Corporate Dissemination Services Inc. All rights reserved.
Tel:(604) 689-1101
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Well, no mention of NASDAQ on this PR. I do like the conversion prices and the stepped approach.
With this out of the way, the NASDAQ BB listing can't be far behind.
Brian
P.S. Haven't seen the lifting of the CTO by the company yet. Will another shoe drop before that happens? |
