International Bio Recovery hopes to settle Galaxy debt
International Bio Recovery Corp IBR
Shares issued 17,623,424 Aug 23 2002 close $ 0.50
Monday August 26 2002 News Release
Mr. Ben Van Dyk reports
IBR ANNOUNCES FURTHER UPDATE ON CHINA TECHNOLOGY RIGHTS
International Bio Recovery's Chinese technology rights purchaser, CFO and Company, has defaulted on the final $2.1-million payment for its rights in China, reported in Stockwatch on May 24, 2002, preventing International Bio Recovery from making the $1-million final payment required on the loan from Galaxy Power Bio-Technologies Enterprises Ltd., of Hong Kong, which was due on Aug. 2, 2002, and in respect of which IBR has received a demand for payment.
However, with IBR's permission, CFO is in negotiations with Galaxy to satisfy the balance owing by IBR under the Galaxy loan as part payment of CFO's outstanding liability to IBR.
Management is working diligently to collect payments for technology purchases by others to raise working capital required for continuing operations.
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