Birch Capital Inc. - Company Update.TORONTO--(BUSINESS WIRE)--Feb. 16, 1996--Birch Capital Inc. (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. :BCCI BCCI Board of Control for Cricket in India BCCI Bank of Credit and Commerce International BCCI Bulgarian Chamber of Commerce and Industry BCCI Bank of Crooks & Criminals International BCCI Barnsley Chamber of Commerce & Industry ) announced today that there is no news from the Company and no corporate developments that would account for the recent surge in its stock price. The Company is investigating various business opportunities in the high technology sector but has not yet entered into any formal agreements. The Company will be convening an annual and special meeting of shareholders on February 23, 1996. One of the items on the agenda will be the approval of a debt for equity swap Equity swap A swap in which the cash flows exchanged are based on the total return on some stock market index and an interest rate (either a fixed rate or floating rate). Related: Interest rate swap. with Megalode Corporation whereby it is proposed that the debt in the principal amount of $500,000 be converted into 500,000 convertible, redeemable preference shares. The preference shares will be redeemable over a five-year period and will be convertible into common shares of the Company based on the 30 day weighted average trading price Trading price The price at which a security is currently selling. of such shares less a 10 percent discount. The Company may redeem the preference shares in whole or in part at any time. There are no other current developments or material information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's affairs in connection with the rise in the price of the company's common shares. This press release has been issued at the request of The Canadian Dealing Network Inc. CONTACT: Birch Capital Inc. Charles Rust, (416) 975-4481 |
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