EUROTECH, Ltd. Strengthens Balance Sheet and Eliminates Long-Term Debt by Converting Debenture
25 Jan 2002, 4:23pm ET FAIRFAX, Va.--(BUSINESS WIRE)--Jan. 25, 2002--EUROTECH, Ltd., (AMEX:EUO) announced today that Encore Capital Management, LLC converted its $3 million debenture instrument plus accrued interest into shares of Eurotech common stock.
The agreement resulted in Eurotech eliminating all of its long-term debt obligations.
Encore Capital Management's decision to become an equity shareholder in Eurotech stock, rather than demanding cash payment at maturity of the debenture, due in February, is viewed by the Company as extremely positive.
Eurotech's Chairman, Chad A. Verdi, stated, "We see Encore's decision as a statement of the investors satisfaction with Eurotech's performance and confidence in the Company's future. In less than three years Eurotech has eliminated about $8 million in long-term debt, while its market cap has increased about 10 fold. Our shareholder base has increased during the same period from less than 2500 to over 11,000 shareholders today."
For additional information about Eurotech and its technologies visit the Company website www.eurotechltd.com. |
