News
TAVA Technologies, Inc. Reports the Conversion of Debentures
ENGLEWOOD, Colo., March 9 /PRNewswire/ -- TAVA Technologies (Nasdaq: TAVA - news) a leading provider of automation and information technology solutions to industry, today reported holders of its convertible debentures have elected to convert debentures total $1,514,452 into 1,009,635 shares of common stock. This conversion represents the entire remaining balance of the company's convertible debentures.
Doug Kelsall, TAVA Technologies CFO stated, ''We are pleased to have this debt converted which will result in interest savings of approximately $135,000 per year.'' He added, ''Conversion of this debt improves the financial strength of TAVA and has no impact on our diluted earnings per share calculations.''
Russell Cleveland, CEO of Renaissance Capital Group, investment manager for the holders of the debentures, commented, ''We have enjoyed our relationship with TAVA over the last three years and participating in the company's successful assimilation of the several acquisitions we financed. We look forward to our continued involvement as a shareholder.'' |
