Applied Inventions Management Inc. -- update.TORONTO--(BUSINESS WIRE)--Dec. 1, 1995--APPLIED INVENTIONS (CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. :AIMC AIMC Associazione Italiana Maestri Cattolici (Italian Association of Catholic Teachers) AIMC Associate of the Inner Magic Circle AIMC Ancient Iron Motorcycle Club AIMC Army Information Management Committee .A/AIMC.B) Applied Inventions Management Inc ("AIM") reports that it has abandoned its STOR-A-SKI transaction. As reported on November 30, 1995 pertinent documentation requested to complete the due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. has not been received and a further extension granted. Consequently, management determined that it was in the best interest of the Company not to proceed. The Company is pleased to report that it has re-negotiated the renewal of a Convertible Debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. held by Income Consulting Group Ltd. in the principal amount of $82,500.00 of AIM to mature on November 6, 1996. Interest is at 10 percent per annum Per annum Yearly. , paid monthly and is secured by a general security agreement. The holder of the debenture has an option to covert the debenture into units on the basis of one unit for each $0.45 principal amount and accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. outstanding at the time of conversion. Each unit will be comprised of 0.25 subordinate Class "A" share and 0.75 Class "B" share, without par value and 1.5 warrants of the Company. The holder is entitled to one subordinate Class "A" share of the Company for every warrant exercised at $0.60 per share at any time during the first six months from the date of conversion and $0.65 per share during the remaining six months. Finally, the Company has set a record date of December 15, 1995 and a meeting date of February 6, 1996 for the Annual and Special Meeting of Shareholders. AIM markets and sells a patented swimming pool/spa intrusion alarm system under the name SAVE Plus. AIM's shares trade on the Canadian Dealing Network Inc. under the symbols "AIMC.A" or "AIMC.B". CONTACT: Michael B. Stein President Applied Inventions Management Inc. (416) 449-7946 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion