Abanat Limited Converts Debentures to Common Stock; Company Will Have No Debt Reflected On Balance Sheet.Business Editors NEW YORK--(BUSINESS WIRE)--April 1, 2002 On2 Technologies On2 Technologies ((AMEX:ONT)), formerly known as The Duck Corporation, is a small publicly-traded company (on the American Stock Exchange) that designs proprietary and standards-based video codec technology. Inc., The Duck Corporation (AMEX AMEX See: American Stock Exchange : ONT ONT Ontario (old acronym - ON is now frequently used) ONT Optimizing Converged Cisco Networks (cisco CCNP exam) ONT Optical Network Terminal ONT Ontario Northland Railway ), the industry leader in compression technology, today announced Abanat Limited has converted its $2,000,000 of Series A Convertible Debentures due in 2004 into the underlying 4,444,444 registered shares of common stock, effective March 27, 2002. Mark Meagher, Executive Vice President of Finance/Legal Affairs and Chief Financial Officer of On2 Technologies, stated, "On2 is pleased to be in the position of having no debt on its balance sheet, and also to note the confidence expressed in this early conversion by one of its long-term investors." The transaction will reflect an elimination of $2,000,000 in debt and an increase of $2,000,000 in the Company's net equity as of the end of the first quarter of 2002. In connection with the conversion, Abanat was issued a warrant to purchase 200,000 shares of On2's common stock at an exercise price equal to the average of the closing prices of On2's common stock on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. on the 10 business days prior to March 27, 2002. About On2 Technologies, The Duck Corporation On2 Technologies (AMEX: ONT) is a leading technology firm at the forefront of video compression Encoding digital video to take up less storage space and transmission bandwidth. See video codec and data compression. video compression - Compression of sequences of images. . The Company revolutionized video encoding with the creation of its advanced full-motion, full-screen, video compression and streaming technology (TrueMotion(R) VP3/VP4/VP5). On2 licenses its high quality video codecs for use in set-top boxes, consumer electronics devices and wireless applications. In addition, On2 offers a suite of products and services, including high-level video encoding, customized technical support, and consulting services. Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the Company has an office in Albany, NY, and operations in London, UK, and Seoul, Korea. On2 may be reached at 145 Hudson Street, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10013, telephone 917-237-0500 or info@on2.com. Investor inquiries should be sent to invest@on2.com. |
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