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Gold/Mining/Energy : MBL Mobile Computing -- Ignore unavailable to you. Want to Upgrade?

To: Lalit Jain who wrote (38)	8/30/2000 5:06:22 PM
From: Lalit Jain	Read Replies (1) \| Respond to of 53

Mobile Computing Corporation announces conversion of $3,000,000 of Convertible Debentures Toronto Stock Exchange Symbol: MBL TORONTO, Aug. 30 /CNW/ - Mobile Computing Corporation (MCC) (MBL:TSE), a leading supplier of wireless information solutions for mobile workers, announced today that it completed the conversion of $3,000,000 aggregate principal amount of its outstanding 9-3/8% Convertible Debentures into 4,000,000 common shares of MCC. The Debentures are held by two of the Company's principal shareholders, The VenGrowth Investment Fund Inc. (VenGrowth) and Ontario Municipal Employees Retirement Board (OMERS). Each of VenGrowth and OMERS received 2,000,000 common shares on the conversion of the Debentures. After giving effect to this conversion, $3 million aggregate principal amount of Debentures remain outstanding. Under the terms of the Debentures, MCC currently has the right to force conversion of the Debentures into common shares of MCC for so long as the current market price (as defined) of its common shares exceeds 125% of the conversion price of the Debentures. At the date of the conversion, the conversion price was $0.75 per common share. Pursuant to the terms of an agreement entered into in connection with the Debentures, the Company has agreed that it will not force the conversion of the Debentures into common shares prior to August 24, 2000, after which MCC is entitled to force the conversion of one-half of the outstanding principal amount of the Debentures. This current conversion represents the maximum principal amount of the Debentures which can be converted at this time. On and after November 24, 2000, the Debentures may be converted into common shares of MCC by the Debentureholders or, subject to the terms of the Debentures, by the Company. "We are pleased to have met the requirements to allow the Company to convert the first half of the Debentures", stated Gary Brown, Chief Financial Officer of MCC. "The conversion allows us to reduce the debt on our balance sheet and to improve the Company's net equity. This puts us in a better position to move forward with longer term financing to fund our development and growth plans for fiscal 2001." %SEDAR: 00003758E -30- For further information: Cory Pala, Investor Relations, E-vestor Communications Inc., (416) 657-2400, (416) 657-2300 fax, cpala@e-vestorcom.com; David Cunningham, President & CEO, Mobile Computing Corporation, (905) 676-8900, (905) 676-9191 fax, dcunningham@mobilecom.com. To request a free copy of this organization's annual report, please go to www.newswire.ca and click on reports@cnw.