Cyclopss and P&G Conclude Debt Extension
SALT LAKE CITY, Feb 19, 2002 /PRNewswire-FirstCall via COMTEX/ -- Cyclopss Corporation (OTC Bulletin Board: OZON chart, msgs) announced today that it has successfully
negotiated extended terms governing a Convertible Secured Promissory Note held by The Procter & Gamble Company (NYSE: PG chart, msgs), of Cincinnati, Ohio.
Cyclopss and Procter & Gamble have rewritten the terms and extended the maturity date of a loan underlying a Convertible Secured Promissory Note, entered into between the
companies in February of 2001.
The terms of the original loan called the note due and payable on, or before, February 28, 2002. Under the terms of the new agreement, the loan has been extended for 18 months, with
a due date of August 28, 2003. Accrued interest due under the original loan has been added to the principal balance of the new loan. The convertible feature of the note provides P&G
with the right to convert any unpaid balance due under the terms of the loan for up to 3,506,098 shares of common stock in Cyclopss at anytime during the term of the agreement.
"We are extremely appreciative of Procter & Gamble's involvement and continued support of our efforts," says Dr. Durand Smith, President of Cyclopss. "In particular, this most recent
debt restructuring reaffirms to us their interest in the potential of our technologies"
Cyclopss is a world leader in the use of patented Ozone Technologies in the replacement of various other long used chemicals such as chlorine with their Eco-Wash Laundry Systems in
the cleaning and disinfection of laundry, and their Eco-Pure Food Safety Systems for the decontamination and processing of foods. In addition the Company has developed and
patented several other ozone applications for use in consumer sanitization products and most recently large biological and chemical decontamination systems for the Government.
For more information please visit our website at www.Cyclopss.com
CYCLOPSS is a world leader in the development of ozone technology and applications for healthcare, consumers and industry. |
