ALTIF implodes , then recovers....here's why :
Altair Redeems Convertible Debt
CODY, Wyo., Aug. 28 /PRNewswire/ -- Altair International Inc. (Nasdaq: ALTIF) today announced redemption (payment in full) of all remaining convertible debt. The original amount borrowed, $5.0 million, had been reduced to $2.25 million by previous debt conversions. Payment of $2.25 million plus interest and redemption costs reduced Altair's cash and short term investments to approximately $4.0 million.
"At today's stock price additional conversions of debt would represent unreasonable shareholder dilution," said Dr. William Long, President of Altair. "In addition, current cash on hand is adequate for near and mid-term corporate needs."
Altair International is in the development stage of commercializing its state-of-the-art technology, the Centrifugal Jig, which recovers extremely fine, heavy particulate matter using a combination of a mechanical jig and centrifugal force. Potential applications include gold/mineral recovery, coal cleaning and environmental remediation. Altair is the 100% owner of a large titanium/zircon mineral deposit in Tennessee.
This press release may be deemed to contain certain forward-looking statements with respect to the Company that are subject to risks and uncertainties that include, but are not limited to, those identified in the Company's press releases or discussed from time to time in the Company's Securities and Exchange Commission filings. Actual results may vary materially.
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