Sirco Announces Conversion of
Approximately $1.2 Million of Existing
Debt Into Equity, in Preparation of Divestiture of Wholesale
Luggage Operations
STAMFORD, Conn.--(BUSINESS WIRE)--March 1, 1999--Sirco International Corp. (NASDAQ: SIRC
- news) announced today the conversion, during the Company's first fiscal quarter, of approximately
$1,200,000 of outstanding debt into unregistered shares of the Company's Common Stock.
The debt, which all related to the Company's wholesale luggage operations, was converted at $1.75 per
share subject to adjustment under certain circumstances.
Paul Riss, Sirco's CFO stated, ''This conversion strengthens our balance sheet and helps clear the way for
the planned divestiture of our wholesale luggage operations. Any potential buyers can now evaluate a
transaction without the need to address these short term liabilities.''
Sirco International Corp. is a diversified publicly traded Company with operations organized into three
divisions. Sirco's telecommunications division focuses on developing integrated local and long distance
telephone and Internet services in the converging communications industry. Sirco's retail division sells travel
products, uniforms and technical guides to professional airline crew members and the general public, and
Sirco's wholesale luggage division, designs, imports and markets luggage, sport bags, backpacks, children's
bags and related products.
This release contains forward-looking statements that involve risks and uncertainties. The Company's actual
results may differ materially from the results discussed in the forward-looking statements. Factors that might
cause such a difference include, among others, general economic and business conditions; industry trends; the
loss of major customers; changes in demand for the Company's product; the timing of orders received from
customers; dependence on third party sources of supply; the loss of licenses; availability of management;
availability, terms and deployment of capital; and changes in state or federal governmental regulations of
telecommunications services.
biz.yahoo.com |
