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Technology Stocks : CET Environmental Services, Inc (ENV)-What a future
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To: Paul Lee who wrote ()1/13/1999 7:37:00 AM
From: Paul Lee   of 50
 
This should be good news

CET Environmental Redeems Convertible Preferred Shares

ENGLEWOOD, Colo., Jan. 13 /PRNewswire/ -- CET Environmental Services, Inc. (Amex: ENV) announced today that the company has successfully negotiated a redemption of all remaining convertible preferred shares that were issued to private investors in a financing that was completed in August 1998. The terms of the redemption, which is expected to close immediately, call for the retirement of 1,570 preferred shares for $1.9 million in cash. The remainder of the preferred securities issued in the financing (430 shares) was converted into 472,803 shares of common stock by holders prior to the signing of the redemption agreement, which are being resold in the market.

"Today, our financial condition is much improved from the situation we faced when the preferred stock was issued," said CEO Steven H. Davis. "We feel that with a strengthened balance sheet and improving operational results, it is best for our shareholders to eliminate this class of security from the capital structure of the Company."

The holders of the preferred shares were also issued an aggregate of 35,000 three-year warrants to purchase shares of CET at a price of $3.00 per share, as part of the original financing. Those warrants are still in force.
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