BPI Packaging Technologies Inc. announces completion of Class A warrant exercises.N. DIGHTON, Mass.--(BUSINESS WIRE)--Nov. 1, 1994--BPI Packaging Technologies Inc. (NASDAQ/NMS:BPIE BPIE Base Procured Investment Equipment -- common stock; BPIEZ -- B-Warrants) (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 :BPIEP -- preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. ) (BPI (Bits Per Inch) The measurement of the number of bits stored in one linear inch of a track (storage channel) on a disk or tape. Bit density on magnetic disks has reached 800,000 bpi (800 Kbpi). See tpi, areal density and magnetic disk. BPI - bits per inch ) Tuesday announced the completion of its Class A Redeemable Common Stock Purchase Warrant ("Class A Warrants") exercises. A total of 1,005,435 Class A Warrants were exercised for aggregate gross proceeds of $4,021,740. BPI will not pay a warrant solicitation fee in connection with the Class A warrant exercises. BPI intends to use the proceeds from the exercises of the Class A Warrants primarily for working capital purposes. Of the 1,005,435 Class A Warrants exercised, 272,100 were exercised pursuant to the 50 percent option granted by BPI. BPI has accepted all of the exercises of its Class A Warrants pursuant to the 50 percent option. Pursuant to the 50 percent option, Class A Warrantholders could elect to exercise 50 percent of the Class A Warrants held by them at a price of $4 per share on or before 5 p.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ) on Oct. 28, 1994, and be entitled to exercise the remaining 50 percent for a period through March 31, 1995, at the original exercise price of $5. As a result, BPI will issue an aggregate of approximately 272,100 Class A Warrants. The new NASDAQ/NMS trading symbol Trading symbol See: Ticker symbol for the Class A Warrants issued pursuant to the 50 percent option is "BPIEL" and the new CUSIP number CUSIP Number An identification number assigned to all stocks and registered bonds. The Committee on Uniform Securities Identification Procedures (CUSIP) oversees the entire CUSIP system. Notes: This system is used in the U.S. and Canada. is "05562T 15 4." American Stock Transfer & Trust Co., the warrant agent, expects to issue the new Class A Warrant certificates on or about Nov. 3, 1994. BPI Packaging Technologies is a leading manufacturer of recycled, source-reduction and traditional plastic grocery T-shirt shopping bags, referred to as T-shirt sacks and proprietary plastic film products. -0- NOTE: This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state in which offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. CONTACT: BPI Packaging Technologies Inc., No. Dighton
Dennis N. Caulfield, 508/824-8636
or
Kehoe, White, Savage & Co., Los Angeles
James K. White, 310/437-0655
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion