BlueStar Negotiates US $8 Million Convertible Debenture.VANCOUVER, British Columbia--(BUSINESS WIRE)--March 20, 1998-- BlueStar Battery Systems (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :BHW BHW Beamten Heimstätten Werk (German Building Society) BHW Boiler Hot Water BHW Brick Headwall BHW Blackman-Harris Window Function BHW Binary Halfword .) BlueStar Battery Systems International Corp. ("BlueStar") today announced that it has negotiated a brokered placement of a 5-year 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. for a minimum of US$8 million and a maximum of US$10 million. The Debenture bears interest at 10 percent, payable semi-annually in arrears Adv. 1. in arrears - in debt; "he fell behind with his mortgage payments"; "a month behind in the rent"; "a company that has been run behindhand for years"; "in arrears with their utility bills" behindhand, behind , and is convertible in whole or in part at any time at the option of the holder at an exercise price of Cdn. $5.00 per share. In addition, the Debentures are redeemable at the option of BlueStar at any time after 24 months from the date of issuance, provided the closing price of the Company's shares is equal to or greater than Cdn. $5.00 per share for at least twenty consecutive trading days during the prior three month period. As part of the brokered placement a commission of 7 percent of the gross proceeds of the Debentures is payable in respect of this financing. "BlueStar is actively investigating further acquisition opportunities and the proceeds from this financing will be used to continue our strategic growth plan in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. ", says Darwin Sauer, 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 BlueStar. "Furthermore, these proceeds will also be used to convert our existing distribution centres to include 'Battery Direct' storefronts". Since March 1997, BlueStar has either announced or completed seventeen acquisitions and has expanded its integrated sourcing network to over 270 owned and owner-operated locations that provide sales, marketing and distribution representation and capabilities in every State in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Province in Canada and virtually every major city in North America. BlueStar is a developer, specialized manufacturer, assembler and marketer of an extensive range of products sold in the international marketplace and has evolved into one of North America's largest integrated sourcing networks. BlueStar, through its network, markets over 6,000 different battery products from more than 165 suppliers and the Company anticipates that its product lines will continue to be enhanced through further strategic alliances with the world's leading cell and battery pack manufacturers and the continued expansion of its integrated sourcing network. -0- Note to Editors: The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: BlueStar Battery Systems International Corp. Greg Agar Agar, in the Bible Agar (ā`gər), the same as Hagar. agar, substance obtained from seaweed agar (ä`gär, ā`–, ăg`är) , 800/806-5611 or (604) 681-0363 Gordon Keast, 604/538-0258 Wendy a'Beckett, 604/669-0323 |
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