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Microcap & Penny Stocks : Benz Energy (BZG.V) -- Ignore unavailable to you. Want to Upgrade?

To: Ed Ajootian who wrote (214)	8/26/1999 7:43:00 PM
From: RSkarsten	Read Replies (1) \| Respond to of 272

Benz secures $11.2-million long-term financing Benz Energy Inc BZG Shares issued 35,069,224 Aug 25 close $0.27 Thu 26 Aug 99 News Release Mr. Robert Herlin reports Benz Energy has reached an agreement with certain vendors and suppliers to convert its past due account payables to a secured 10-per-cent note maturing August 23, 2002. The trade group agreeing to the financing plan represents $11.2-million, equal to 90 per cent of all accounts payable of the company over $10,000. Under the agreement, Benz will pay the group $1.12-million by Sept. 3, 1999. The note will be retired using a portion of the proceeds from the future sale of certain prospects, collections of amounts owed to Benz from an industry partner and a portion of the company's income after debt service and capital expenditures. The remaining balance with accrued interest will be paid at maturity. The note will be secured by a subordinate lien on certain properties of the company. Amounts payable to vendors under $10,000, totalling $928,000, will be paid in full by Sept. 2, 1999. Robert S. Herlin, chief financial officer, commented: "We are pleased that our suppliers and vendors have given the company a tremendous vote of confidence by overwhelmingly supporting the financing plan. This agreement is the fourth of five steps in our overall financial restructuring and allows us to substantially improve our working capital. We look forward to working with these vendors in our continued development drilling program in Mississippi." (c) Copyright 1999 Canjex Publishing Ltd.