JER Reaches Agreement in Principal to Issue Shares in Settlement of $4.15 Million of Loans and Convertible Debt
08 January 2009 - 10:19AM
Marketwired
JER Envirotech International Corp. (TSX-V: JER) (FRANKFURT: KFTB)
is pleased to announce that the Company has reached an agreement in
principal with key debt holders for the settlement of approximately
$4.15 million in debt including accrued interest. Pursuant to the
settlement, JER will issue approximately 41,498,490 common shares
at a price of $0.10 per share to settle the debt and accrued
interest in full.
Edward Trueman, President of JER, stated the following in
connection with the settlement, "The removal of substantially all
of our debt would significantly strengthen our balance sheet,
reduce drain on available cash, and allow JER to attract fresh
working capital for support of a strong order book."
The settlement is subject to entering into formal agreements
with each participating creditor, as well as the approval of the
TSX Venture Exchange, and if required, shareholder approval. In
addition, the Company has agreed to seek Exchange approval to
repricing warrants previously issued to finders in connection with
the debt as compensation for their services in connection with the
settlement proposal.
About JER Envirotech International Corporation
JER is a global supplier of thermoplastic biocomposite compounds
and sheeting. The Company's patented technology utilizes waste or
by-product materials, such as wood fiber or rice hulls, to produce
environmentally-friendly alternative products for applications in
the construction, transport, automotive and toy industries. The
Company currently has a range of biocomposite formulations which it
developed in collaboration with the National Research Council -
Industrial Materials Institute of Canada.
JER is publicly-traded on the TSX Venture Exchange (TSX) under
the symbol "JER" and on the Frankfurt Stock Exchange under the
symbol "KFTB."
For more information, please visit www.jerenvirotech.com or
contact:
JER Envirotech International Corporation
Mr. Ji Yoon
Chief Financial Officer
International: +1 (604) 940-9262
jyoon@jerenvirotech.com
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Distributed by Filing Services Canada and retransmitted by
Marketwire
Contact: Mr. Ji Yoon Chief Financial Officer International: +1
(604) 940-9262 Email Contact Email: Email Contact Website:
www.jerenvirotech.com
Jer Envirotech International Corp Com Npv (TSXV:JER)
Historical Stock Chart
From May 2024 to Jun 2024
Jer Envirotech International Corp Com Npv (TSXV:JER)
Historical Stock Chart
From Jun 2023 to Jun 2024