American Oilfield Divers Increases Bid Price to CDN $1.65.LAFAYETTE, La.--(BUSINESS WIRE)--Oct. 18, 1996-- Offers Financial Assistance to Hard Suits Inc. AOD See HD DVD. Acquisition Corp., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of American Oilfield Divers, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DIVE), announced today that it has increased its Offer to purchase all of the common shares of Hard Suits Inc. from CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $1.50 to CDN $1.65. As previously announced, the Offer has been extended to 12:01 a.m. on Oct. 30, 1996. As previously released, Hard Suits announced on Oct. 10, 1996 its intention to enter into a CDN $2.5 million loan agreement. The loan would carry an average interest rate of 14%, have a redemption premium redemption premium See call premium. which could be as high as 100%, and include warrants which, when exercised, represent more than 27% of the outstanding common shares. AOD believes such loan transaction is not in the best interests of Hard Suits' shareholders. AOD also announced today that it has offered a CDN $500,000 line of credit to Hard Suits on customary and reasonable commercial terms (including, among others, interest at 8.5% per annum and secured by Hard Suits' assets, but excluding any warrants or redemption premiums) in order that Hard Suits can immediately address its working capital deficiency during the offer period. This line of credit, which may be increased by AOD depending, on Hard Suits' financial condition, is conditional upon Rene Theophil Nuytten resigning as a director and officer of Hard Suits and one AOD nominee being appointed to the Hard Suits Board of Directors. American Oilfield Divers, Inc., is a leading provider of diving services, subsea products, marine construction and environmental services to the offshore oil and gas industry, primarily in the U.S. Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , U.S. West Coast, internationally and to certain U.S. inland customers. CONTACT: American Oilfield Divers, Inc., Lafayette Greg Rosenstein, 318/234-4590 Cathy Green, 318/234-4590 |
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