This information from DMAR seems worthwhile to post:
Wednesday October 4, 5:14 pm Eastern Time
Press Release
SOURCE: Datamarine International, Inc.
Datamarine International, Inc. Repurchases Debenture at Substantial Discount
MOUNTLAKE TERRACE, Wash., Oct. 4 /PRNewswire/ -- Datamarine International, Inc. (OTC Bulletin Board: DMAR - news) announced that on September 27, 2000 it had repurchased its subordinated debenture from the holder, Alta Subordinated Debt Partners III, L.P. (``Alta''). The debenture's scheduled maturity date was December 19, 2000, but an agreement reached earlier this year gave Datamarine the option to purchase the debenture for $2,200,000 by September 30, 2000. Jan Kallshian, Chief Financial Officer, stated, ``We view elimination of the debt and the ending of our relationship with Alta as very positive steps forward for Datamarine. The Company's efforts to raise working capital by refinancing its senior bank debt were being blocked by Alta, and we can now resume discussions with other lenders.''
In addition to eliminating Alta's rights to approximately 200,000 Datamarine common shares, the Company will realize a gain of approximately $900,000 on the debt retirement. Datamarine's repurchase of the debenture also causes all claims and counterclaims in the matter of Alta Subordinated Debt Partners III, L.P. v. Datamarine International, Inc. to be dismissed.
Statements included in this press release which are not historical in nature are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and as such may involve risks and uncertainties. These forward-looking statements are only predictions and are not guarantees of future performance. There can be no assurance that the Company will obtain additional working capital from a new senior lender. All forward-looking statements included in this press release are based on information available to the Company on the date hereof, and the Company assumes no obligation to update any such forward-looking statements. Other potential risks are those identified in the Company's SEC filings.
CONTACT: Jan Kallshian, CFO of Datamarine International, Inc., 425-771-2182.
SOURCE: Datamarine International, Inc. |
