For Immediate Release:
International Absorbents pays off convertible debentures
BELLINGHAM, WA, March 3, 1998... International Absorbents Inc. (OTC BB: IABS), a leading manufacturer and marketer of sorbent products made from waste wood fiber, today announced that it has arranged for the retirement of the balance of a series of outstanding convertible debentures.
In recent months the debenture holders have been converting at market. The related selling of these converted shares has had a negative influence on the Company's stock. The remaining debentures, amounting to approximately $225,000, have now been retired by the Company. Ninety percent of the debentures were paid off through the use of proceeds from a private placement with Company employees and management. The remaining 10 percent (plus related fees) was converted at 10 cents per share.
"Paying off the debentures has eliminated a significant contributor to the volatility and resulting low price of the Company's stock," stated Gordon Ellis, Chairman of International Absorbents Inc. "Management is also very pleased by the fact that this employee investment shows strong confidence in the Company." International Absorbents Inc. develops, manufactures and markets patented and proprietary, cost-effective sorbent products derived from recycled, renewable materials. These environmentally safe products outperform conventional products used in a broad range of industrial and consumer applications, including oil and hazardous liquid spill cleanup and control, oil/water filtration, packaging and commercial/retail animal bedding and litter. Further information about International Absorbents is available at www.absorbent.com.
Contact:
Charles (Chuck) Tait
International Absorbents Inc. (604) 681-6181 |
