Battery Technologies Inc. Announces Debt Repayment.Business Editors TORONTO--(BUSINESS WIRE)--May 1, 2000 Battery Technologies (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BTI BTI Beverage Testing Institute BTI Boyce Thompson Institute BTI British American Tobacco (stock symbol) BTI Boston Theological Institute Bti Bacillus Thuringiensis Israelensis BTI BioTechnology Institute BTI Binding Tariff Information .) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BTIOF.OB) Appointment Of Groome Capital.com For Equity Financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. Battery Technologies Inc. (TSE:BTI.)(OTCBB:BTIOF.OB) today announced that effective April 30, 2000, it has retired its debt obligation to Vengrowth Inc. Vengrowth had provided financing to BTI for the purpose of acquiring all rights and patents to the custom designed high-speed equipment capable of manufacturing RAM(TM) batteries. The debt obligation was transferred to 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. , and as of April 30, 2000 with the issuance of 1.7 million shares, the obligation in the amount of $2.0 million, is fully repaid. J. Bruce Pope, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Battery Technologies Inc., said: "This is a very important step in the financial restructuring of BTI which will help us in going forward with our expansion plans. We are pleased to be able to retire the obligation with a modest 2.8% dilution in our capitalization." He went on to say, "Vengrowth has been very supportive of us through the years and we particularly would like to thank Mike Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. who has served on BTI's Board and provided excellent leadership." BTI also announced that it has entered into an agreement with Groome Capital.com as exclusive agent and lead manager to raise equity financing for the purpose of funding expansion of its business geographically and into selected market segments. Groome Capital.com is Canada's first full service on-line Investment dealer and focuses on emerging growth companies in Canada and the U.S., with offices in Toronto and Montreal. Merita Bank, BTI's primary lender has indicated it will convert its outstanding debt to equity in BTI coincident with the financing undertaken by Groome Capital.com; thereby creating a debt free structure. BTI indicated that the 1999 Annual Report and Information Circular Information Circular A document sent to shareholders outlining important matters to be discussed at the annual shareholders' meeting. Notes: Sent along with a proxy, the information circular may cover matters such as the election of the Board of Directors, possible is currently being distributed to shareholders in advance of the Annual and Special Meeting scheduled for May 11, 2000 at the Toronto Board of Trade The Toronto Board of Trade is Toronto's chamber of commerce, the largest local chamber of commerce in Canada, representing more than 10,000 business and individual members with about 500,000 employees across Canada and annual revenues of more than $200 billion (Canadian dollars). . Release of the first quarter 2000 results are expected at that time. Battery Technologies Inc. holds 32 patents and is engaged in the worldwide commercialization of the RAM(TM) battery technology and other portable energy products. BTI's trademark for its own brand of RAM(TM) batteries is MultiCell(TM). The Company's RAM(TM) licensees and licensee trademarks include: Rayovac Corporation, RENEWAL(TM); Young Poong Corporation, ALCAVA(TM); Grand Battery Technologies, GRANDCELL(TM); BIG Battery Innovation Group GmbH, BIG(TM); and Pure Energy Battery Corporation, PURE ENERGY(TM). RAM battery products are available in AA, AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. , C and D sizes. Other products sold by the Company include Game Buddy(TM) Power pack a portable plug-in rechargeable RAM(TM) battery pack for Nintendo(R)'s Game Boy(R) Pocket and Color products. BTI's press releases are available through the Company's Internet Home Page: http://www.bti.ca Except for the historical statements contained herein, the matters discussed in this news release, including any revenue, expense and earnings expectations, are forward-looking statements that involve risks and uncertainties. Factors that could cause actual results to differ materially include but are not limited to: the Company's ability to attract licensees with the financial and other resources to develop markets for RAM batteries, the Company's ability to attract new capital, variable economic conditions, the Company's reliance upon a single production line equipment supplier, disruption of production at any of the Company's licensee's manufacturing facilities, political and other disruptive developments, foreign currency restrictions and/or fluctuations, technological developments by competitors, a successful challenge to the validity of the Company's patents, or any of the other variables referenced in the Company's 20-F filing with the SEC, dated July 14, 1998. Readers are cautioned not to place undue reliance on forward-looking statements. BTI is not licensed to produce products for Nintendo of America Inc. Nintendo, Game Boy(R) Color and GameBoy(R) Pocket are trademarks of Nintendo of America Inc. RAM(TM), Game Buddy(TM) and Game Buddy(TM) Color Power pack are registered trademarks of Battery Technologies Inc., Richmond Hill, Ontario Richmond Hill (2006 population 162,704) is a town in York Region north of Toronto, Ontario, Canada. It is part of the Greater Toronto Area. History The area was first surveyed by Lieutenant-Governor John Graves Simcoe in 1794 while he was constructing Yonge Street. , Canada. |
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