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Gold/Mining/Energy : Denbridge Capital DNB-Toronto -- Ignore unavailable to you. Want to Upgrade?

To: jack BROSS who wrote (24)	5/15/1999 7:22:00 AM
From: SpyMaster	Read Replies (1) \| Respond to of 30

Denbridge Capital to repay its 6% Convertible Debentures TORONTO, May 14 /CNW/ - Denbridge Capital Corporation announced that it has not yet repaid its US$5,055,000 6% convertible debentures. Denbridge has been placed in this position, because a transaction which was supposed to have closed prior to the April 30, 1999 maturity of these debentures has not yet been consummated. The Company has been attempting to close a transaction with an international high-tech electronics company regarding the purchase of an interest in Denbridge Digital Limited, the Company's international traffic management systems subsidiary. Under the terms of the trust indenture, Denbridge Capital has a minimum of 30 days to rectify this situation. The Company is of the belief that it will be able to conclude a transaction with a third party who already has an interest in Denbridge Digital within that time period. On July 31, 1998, the Company received a bridge financing consisting of $3 million in cash and a $5 million bonding facility from B & H Electronics (H.K.) Ltd., an investment vehicle for Horst J. Pudwill. Mr. Pudwill is a Director and former Chairman of NovAtel Inc. The Company has received an overture from B & H Electronics to facilitate another bridge loan, to be repaid from the proceeds of the intended sale of an interest in Denbridge Digital. Denbridge Digital is currently not affected by this situation and operations continue normally. Denbridge Digital's assets are not pledged as security for the debentures. Denbridge Capital has appointed Brahm Gelfand, Howard Levine and Michel Menard of Lapointe Rosenstein to act on its behalf in its discussions with the debenture holders. Denbridge Capital trades on The Toronto Stock Exchange under the symbol DNB. (see more about Denbridge Digital at its website - www.denbridgedigital.com) (see all of Denbridge's news releases on Canada NewsWire's website - www.newswire.ca) -30- For further information: Neil Raymond, Chairman, (514) 281-0481; Jamie Macintosh, V.P., Corporate Development, (416) 862-7444; Vanessa Morgan, Secretary-Treasurer, (416) 862-7444; denbridge@sympatico.ca