Folks, How did this get by us yesterday???..NEWS! ALERT!!...
Wednesday March 12 8:43 PM EDT
InterUnion: Receptagen Ltd. Submits Proposal
EDMONDS, Wash.--(BUSINESS WIRE)--March 12, 1997-- Interunion Financial Corp Receptagen Ltd. (TSE:RCG, OTCBB:RCEPF) today announced that it has submitted its Proposal to the Official Receiver on March 10, 1997 to settle debt payments to its creditors. The creditor meeting has been set for April 7, 1997 where its approval will be determined by a special resolution of the respective creditors and by the court. A
special resolution requires the approval of a majority in number of the creditors voting upon the Proposal, representing two-thirds in value of their claims.
Separately, the Toronto Stock Exchange has approved an increase in the bridge loan to the Company from $300,000 to $400,000 on the same terms and conditions as approved for the original bridge. The increase was necessary to pay for certain legal, accounting and patent related expenses incurred during the proposal period. The Exchange also approved an increase in the amount of debt the Company can exchange into Interunion Financial Corp common shares of up to $9,000,000 (CDN)
under the terms offered by InterUnion.
Warren Wheeler, Chief Executive Officer and President of the Company stated, "We are pleased with the progress made thus far and are working very closely with our creditors in preparation for the upcoming meeting in April. All of the people involved in this process are maintaining a strong commitment to complete the tasks necessary to
stay on a strict time line. Should the special resolution pass favorably, it is anticipated that we could close our Special Warrants Offering of $2,500,000 (CDN) on schedule."
Receptagen has been actively involved in three operations: Receptagen Corporation in Edmonds, Washington, which has been pursuing worldwide development of proprietary "Growth Blocker" drugs to induce apoptosis (programmed cell death) in cancer cells; Ryan Pharmaceuticals Inc. in Edmonds, Washington, which owns the exclusive rights to U.S. commercialization of Coenzyme Q10 (CoQ10) for use in treating AIDS symptoms; and VWD Distributors which is a wholesale drug and durable medical equipment (DME) division in Burnaby, British Columbia, Canada.
Note to Editors: The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
CONTACT: Receptagen Ltd.
Warren Wheeler, 800/558-8846
Joseph S. Baba, 800/558-8846
Any opinion on this?
B. |
